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Marine hull market ‘off Lloyd’s naughty step’ after remediation: Miller
The broker said the line of business has experienced 22 straight quarters of rate increases to reach “some degree of profitability”.
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Once again, cyber had the biggest increase in the quarter, while rates in financial and professional lines fell for the second consecutive quarter.
Under the new structure, Urs Baertschi will run P&C Re, while Paul Murray will lead L&H Re.
It emerged in August that Philip Graham was leaving Chaucer after more than two decades at the company.
Liability business has been impacted by rising claims costs, driven by social inflation trends.
Opinion
Opinion
Drought losses highlight ‘domino effect’ risk behind 2022 nat cat headlines
Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril.
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Hurricane Ian: The gravity-defying Florida loss?
02 February 2023 -
Swiss Re to 'streamline’ reinsurance with reorganisation
02 February 2023
Analysis
Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.
Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.
More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
More News
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AFG’s Q4 CoR jumps 5.9 points to 86.6% on ‘average’ crop performance
01 February 2023 -
Hannover Re share price dips after IFRS17 2023 income guidance
01 February 2023
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Geopolitical divides causing global business disruption: WTW
01 February 2023 -
Lloyd’s to pay select staff second cost-of-living bonus
01 February 2023 -
Ascot head of reinsurance Cantlay retires
01 February 2023 -
Hannover Re 2022 group net income up 14.6% to EUR1.4bn
01 February 2023
Interviews
Interviews
In an interview with this publication, the CEO admitted the transition “took longer than any one of us would have wanted”.
CEO Nick Cook said the company also plans to invest in an international MGA strategy and a capital advisory unit, with 149 hires budgeted this year.
Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
Group CFO and incoming president of insurance Jeremy Noble has told Inside P&C that the insurance operation is where Markel sees the most upside potential.
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Navigating market turbulence: signalling a change in the alternative reinsurance market
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Inside P&C Honors 2023
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From our other titles
From our other titles
From Inside P&C
California auto rate approvals trickle in after lengthy moratorium
Five auto insurers receive approval to raise rates after 32-month halt by the California Department of Insurance.
From Trading Risk
ILS market offering ‘best entry point since inception’: K2 Advisors
Conviction for ILS has shifted to ‘overweight’ from ‘neutral’ at the manager.
From Inside P&C
Axis Q4 results: Life after property cat reinsurance
As ITC Vegas begins, the Inside P&C Research team explores the discussions needed among InsurTechs to address questions around capital, partnerships, and profitability prospects.
From Insider Engage
The View from Bermuda: 1/1 Renewals 'Reset' The Reinsurance Market
Insurance brokers and M&A lawyers have reported ever more interest for representation & warranties insurance in Latin America in recent years.
