April 2017/3

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

Nationwide Mutual Insurance Company is seeking to raise $300mn from a new Caelus Re cat bond, according to sources.

Attractive prices drew sponsors to the cat bond market in the first three months of 2017, resulting in a record volume of insurance-linked securities (ILS) issuance for an opening quarter.

Global drinks manufacturer Pernod Ricard's insurance recoveries from New Zealand's 2016 Kaikoura earthquake have been restricted due to a quake sub-limit in its insurance programme, sister publication Inside FAC has revealed.

In a development likely to reignite the debate over the need for a standalone reinsurance product, significant contingent business interruption (CBI) claims have hit the fac market following a fire at an auto parts factory in the Czech Republic, sister title Inside FAC revealed on 6 April.

The Insider 50 index fell by 0.8 percent last week to 1,023.5 index points as a result of contracting US P&C stocks.

Issues around implementation of broker facilities caused Axis Syndicate 1686 to write 22 percent less premium than planned in 2016, it disclosed in its annual accounts.

MS Amlin Lloyd's downgrade; Blenheim gains active underwriter; Hannover to keep members' agent; RenRe discloses Ogden hit; Flood Re interim CEO becomes permanent; Zeus losses $204mn; Ogden hits LV results; UK broker levy rises; Brit Specialty gains Singapore CEO; Kingstone gains A- rating; BP Marsh reaps more from Besso exit; CIRC solvency warning; Alliant consolidates specialty operations; Turkey violence loss; Chubb Asia power hire

Ark Underwriting's NOA 3902 Syndicate has hired Beazley's Martin Power and WR Berkley's Eniola Bernard to expand the syndicate's exposure in accident and health (A&H) and marine liability.

Hamilton Re's earnings almost halved last year as returns from assets managed by Two Sigma Investments fell, but the company still did relatively well compared to other total return reinsurers following an industry-leading investment performance.

Generali has appointed PwC to advise on the disposal of its EUR200mn ($212mn) legacy London market book, The Insurance Insider understands.

Wind policies for Gulf of Mexico assets are broadly renewing flat this year, according to energy sources, as underwriters push back on requests for rate decreases in a toughening market.

The UK Prudential Regulation Authority (PRA) has opted for depth in favour of breadth in the first general insurance stress tests since Solvency II capital requirements took effect.

Total return carrier Fidelis has withdrawn its support from Castel's political violence managing general agency (MGA), according to market sources.

Florida's state-backed insurer Citizens looks set to buy only three layers of reinsurance for its coastal account this year, purchasing little more than half the $2.46bn of limit it did in 2016, The Insurance Insider can reveal.

Journalists have a justified reputation for being thick-skinned

Shrinking demand from some of Florida's bigger cedants and model revisions could undermine reinsurers' attempts to arrest property cat rate falls at 1 June as they compete for a smaller pool of quality clients.