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April 2017/2

  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • Florida Citizens Property Insurance is targeting $250mn for its new Everglades Re II cat bond, according to sources.
  • Louisiana Citizens Property Insurance Corporation is on track to close its new Pelican Re cat bond for an insurance premium of 225 basis points (bps) - the lowest ever for a US wind deal.
  • Florida-based UPC Insurance received the Sponsor of the Year award at the 2017 Trading Risk awards held in London last week.
  • The Insurance Insider's aggregate of P&C (re)insurance companies entered the second quarter of the year in the red
  • The Insider 50 index edged upwards by 0.9 percent over the first quarter of 2017, as valuations plunged at AmTrust and Novae
  • With the start of the first quarter earnings season just days away, investors will be looking carefully for indicators of potential change in US P&C insurance market conditions
  • Nuclear-focused Chaucer Syndicate 1176 was the top performer of the market in terms of profitability for the second year in a row in 2016
  • Expansionist Vibe Syndicate 5678 led the market in terms of premium growth in 2016, as it made a number of hires during its second year of underwriting live business.
  • Lime Street's underwriting performance continued on its downward-sloping curve in 2016, as the simple average combined ratio for syndicates surpassed the breakeven point and reached 102.0 percent for the year.
  • Aon Benfield Apac head retires; Lloyd's streamlines reporting; Berkshire sues Goodyear; Bewlay takes casualty CUO role at XL Catlin; AmTrust Syndicate 2526 placed into run-off; CIRC chairman investigated; Nexus plans debt raise; QBE hires former Attune CEO; Chubb promotes Gunter; CFO Millay retires; Alliant buys SES; NZ counts Debbie cost; US weather losses at $2bn in March; Trov closes funding round; HPS and Madison Dearborn eye Ryan Direct; Terrorism risk climbs: Aon.
  • Neil Mills, the former chairman of Sedgewick Group, has died at the age of 93.
  • InsurTech funding is beginning to get serious.
  • InsurTech start-ups that can help the traditional industry identify and solve procedural pain-points are the ones most likely to succeed in the long term, according to Aquiline chairman and chief executive Jeff Greenberg.
  • Underwriting executives at Lloyd's syndicates have bemoaned the persistent soft conditions in the market, as they braced themselves for another year of the same.
  • Syndicate 2001, MS Amlin's flagship vehicle at Lloyd's, recorded a combined ratio of 103 percent in 2016 following a significant rise in catastrophe claims.
  • Neon's Syndicate 2468 has reported a combined ratio of 217 percent for 2016, following a 69 percentage point deterioration to the loss ratio.
  • The number of open years at Lloyd's increased to six for 2016, as three syndicates were unable to close their 2014 year of account (YoA).
  • With Q1 earnings calls and RIMS 2017 looming, executive management at carriers and brokers can expect plenty of questions over the trajectory of pricing line-by-line on their portfolios of business.
  • Consolidation in the US primary crop market has reduced quota share demand, which has led some reinsurers to question their future involvement in the business.
  • While falling rates coupled with M&A activity have altered the dynamics for reinsurers, primary carriers of multi-peril crop insurance (MPCI) and crop hail cover have been pinched by regulated rates for the former and the latter's increasing status as a loss leader.
  • The numbers tell a very stark story indeed.
  • Allianz Global Corporate & Specialty (AGCS) is the lead insurer for a $500mn loss related to the grounding of faulty Airbus helicopters last year, The Insurance Insider can reveal.
  • Underwriters must move beyond the "blunt force of rate" to address the frequency and severity issues blighting personal and commercial auto lines, according to Zurich's head of North America Commercial Insurance Paul Horgan.