Analysis

Specialty reinsurance is facing a similarly fraught and last-minute renewal as that seen in property cat.

After an annual update from Lloyd’s CEO John Neal on the progress of Blueprint Two, Insurance Insider delves into the delays and what was actually delivered.

In last year’s survey, only second-quartile syndicates reported aggregate year-on-year growth of more than 10%.

The risk is increasing of some cedants ‘running naked’ in early January as the market faces a ‘horrendous bottleneck’ of negotiation ahead.

The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.

Eight syndicates including newer vehicles from CFC and others, as well as mature vehicles from Everest Re and Lancashire, have so far reported increases in stamp capacity of 50% or more.

Panellists at the London Market Conference called on the industry to work together to improve recruitment, the experience of staff, and its own image.

Initial loss estimates for the last quarter show lower hits to equity than observed after hurricanes Harvey, Irma and Maria five years ago.

The French reinsurer’s Q3 update details its extensive remedial efforts – but with the impact yet to be felt, it is still vulnerable to takeover.

The aviation market took what is believed to be its largest-ever loss recently and court actions over Ukraine claims are ongoing, all contributing to a hard war market as all-risk renewals remain softer.

Some multi-national cedants are using US addresses to source cover from US carriers, risking issues in the event of claims, amid a desperation for growth on both sides of the Atlantic.

The hurricane could prove a key test of the London market’s efforts to reduce catastrophe exposure, but will local carriers be able to lean into the hardening market?