Analysis
Analysis
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Some firms are outsourcing their recruitment to tailor for a younger generation.
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The US regulator faces litigation from both sides of the climate issue.
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Recurring loss patterns have led to squeezed coverage, leaving clients exposed.
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We explore the first stages of incorporation of GenAI into insurance, alongside the longer-term potential.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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This year’s analysis of profitability and volatility also includes an alternate view over five years.
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Underwriters said there was some cause for concern around reinsurance coverage.
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Transatlantic competition, rising valuations and price undercutting set a challenging scene.
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In a departure from 2022 trends, fourth-quartile firms grew the slowest of all syndicates in 2023 at 8.1%.
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We take a look at the outgoing CEO’s performance as he prepares to handover to CorSo CEO Andreas Berger.
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Ariel and Blenheim were among eight syndicates moving into top underwriting quartile in 2023.
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Work is still to be done on the investor proposition, expenses, and navigating a waning pricing cycle.
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A claim on that scale would test the market in ways it has never seen.
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AI was the hot topic throughout the InsurTech Insights event.
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There is frustration in the market that remediation work has been squandered.
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Hard-won profitability has given carriers room to salt away reserves.
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Sources cited numerous issues with how collateral protection insurance was designed.
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Hiscox, Beazley and Lancashire all delivered one-off capital returns while swerving casualty issues.
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DDM is due to be removed as a core central service on 13 September.
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On average, risks are being placed in a range of flat to up 5%.
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Attention is fixed on how competition will impact pricing in H2.
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CEO John Neal has ambitions to pull in more major insurers, E&S players and captives.
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Rate increases have accelerated further after major losses in 2023.
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Underwriters are pushing for rate rises, but competition is increasing.
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Strong reinsurance results have absorbed long-tail reserve charges.
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Investors are still keen on UK broking – but they may expect more for their money.
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Fragile supply chains are driving up costs.
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Being underweight US casualty gives the firm more room than peers to manoeuvre.
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Convective storms cost more than ever, but activity was not exceptional.
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Rates have fallen on the back of reduced deal flow in 2023.
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After rapid growth, can the ‘darling of European insurance’ maintain its lean style?
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Sources said that the market was not sufficiently profitable to concede ground on pricing.
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The 1 January renewals featured a significant shift away from mainstay quota share and aggregate coverage, with examples including Axis and Brit dropping specific stop-loss covers.
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Key market participants hailed the narrowing of the gap between PV insurance and reinsurance, however said that more still needs to be done to fix the market.
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Prices are surging as a result of heightened risk but coverage remains readily available for shipowners.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Well-priced top layer cat risk is in demand, leaving reinsurers watching the market carefully for any signs of decline.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
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Sources said that there was still rating adequacy in the market, but that further pricing falls would be unsustainable.
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Howden was the most active acquirer as people-move activity peaked in Q2, this publication’s data showed.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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Mass construction in remote locations is throwing up challenges around modelling exposures.
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Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.
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There are clear strategic advantages to the company’s London launch – but demand may not be as high as in the US.
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