April 2016/4

Share price data on The Insurance Insider's universe of P&C (re)insurers

Returns in the reinsurance market fell in 2015 as rate softening eroded core underwriting margins, according to Willis Re

The first quarter results season inflicted its first hit last week, as Travelers saw its share price decrease by 4.6 percent to $110.84 after reporting earnings that fell short of market expectations.

Insurers may potentially be able to collect damages from their reinsurers for late payment of claims under the incoming UK Enterprise Bill, according to law firm Berwin Leighton Paisner (BLP).

ProSight is suing Rod Fox-backed V3 Insurance Partners after the US managing general agent (MGA) allegedly bound "substandard risks" on the insurer's behalf and "negligently" ignored underwriting guidelines.

Former Willis Re chairman Peter Hearn has denied claims that he owes the reinsurance broker $2.8mn after resigning unexpectedly last year.

Two more candidates have been added to the list of those applying to replace the outgoing Florida insurance commissioner Kevin McCarty.

Global (re)insurer and broker accounting and settlement group Ruschlikon has formally started work on the London Market Group (LMG)'s Target Operating Model (Tom) programme, it announced on 20 April.

A bill to establish a programme that will provide reinsurance for state natural catastrophe insurance programmes has been introduced in the US House of Representatives.

The global insurance industry is cautiously optimistic about investment opportunities in 2016, according to a survey from Goldman Sachs Asset Management (GSAM).

The introduction of large and complex floating liquid natural gas (FLNG) vessels into the energy industry will create new high-exposure risks for insurers.

Travelers was impacted by the return to a relatively normal level of catastrophe events in the first quarter, leading the US carrier to report a deterioration in its overall underwriting results.

Early Q1 reporters stressed that pricing pressure continued in the first three months of the year, with US carriers Travelers and RLI feeling the squeeze along with Bermudian Allied World.

Willis Capital Markets & Advisory (WCMA) has suggested that upcoming changes to AM Best's Capital Adequacy Ratio (BCAR) methodology could penalise insurance-linked securities (ILS) markets over rated carriers.

The Texas Windstorm Association (Twia) may look to reduce its traditional reinsurance placement for 2016 after its reserve funds grew over the past year.

Chubb sought to raise cover from insurance-linked securities (ILS) investors in its first reinsurance renewal after the amalgamation with Ace, sources told sister publication Trading Risk. 

The London Market Group (LMG) has appointed Nicolas Aubert, head of Great Britain for Willis Towers Watson, as chairman, it announced today (25 April).

Ontario Teachers' Pension Plan has cashed out its investment in ANV for $218.7mn, landing it with a significant loss on its four-year investment, The Insurance Insider understands.

Hiscox Re is looking for a new director of underwriting in Bermuda to replace Damien Smith, who is leaving the island to return to London, The Insurance Insider understands

Aviation reinsurance broker Barry Keegan is set to leave JLT Re for Aon Benfield, The Insurance Insider can reveal.

Willis Towers Watson has continued to build out its Bermuda presence with the hire of professional lines expert Trevor Ferguson from (re)insurer Allied World, The Insurance Insider can reveal.

Mark Watkins, group CEO of the Munich Re Syndicate, has died at the age of 64.

TMK hires brace of underwriters; Asta appoints CRO and CIO; R&Q returns to profit in 2015; Kumamoto earthquake unlikely to hurt insurers: Fitch; Swiss Re shareholders approve buyback plan…

Endurance has added to staff at its contract binding operations (CBO) division in the US as it attempts to expand its number of distribution partners and continue growing the business, Inside E&S revealed last week.