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Aon Reinsurance Solutions and MAP dominate US Property Cat Rankings

Aon Reinsurance Solutions and Managing Agency Partners (MAP) have topped the US Property Cat Rankings survey for the second consecutive year.

Aon Reinsurance Solutions soared into the top position on the broker ranking with a total score of 199, after 47 of its brokers received nominations in this year’s rankings survey.

Calculated by aggregating scores and votes from individuals across teams, the company rankings are a reflection of each firm’s overall talent strength and quality.

MAP was again the clear leader on the underwriting side. This was down to Richard Trubshaw, who claimed a total score of 65 to ensure MAP remained the leader on the underwriting side.

The relatively large ratio of underwriting firms to intermediaries identified in the US Property Cat Rankings survey – a distinctive feature of this class compared to other lines of business covered by the Rankings series – has shown a further increase this year.

In the 2018 edition of the survey, just 12 broking houses featured in the companies ranking.

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This year, the number has come down to nine, with four brokerages dropping out of the league table and one coming in.

While the results point to a concentration of the US property cat broking market, the picture in the underwriting space reveals the exact opposite.

The number of ranked underwriting companies increased by 11 to a total of 54 this year, with six firms dropping out of the table but 17 new firms making it to the list.

London-based underwriting firms made up the majority of the new entrants.

There were eight new London-based underwriting firms, three from Europe and six from North America.

Overall, for every one brokerage in the ranking there were six underwriting firms. In 2018, this ratio was one-to-four.

The big three reinsurance brokers – Aon Reinsurance Solutions, Guy Carpenter and Willis Re – were at the top of the league table for the second year running.

While the positions in the podium were taken up in the same order as last year, top-ranked Aon Reinsurance Solutions managed to increase the gap in scores with runner-up Guy Carpenter and follower Willis Re.

With 47 of its brokers receiving votes – up from 36 in 2018 – Aon’s Reinsurance Solutions claimed 41 percent of the total votes given by underwriters.

Guy Carpenter defended the second position with 30 percent of this year’s total vote count.

But interestingly, it would have not been able to catch up with the winner’s score even if adding the scores for newly acquired JLT Re.

The reinsurance broker’s parent Marsh & McLennan Companies closed a deal to acquire JLT Group on 1 April.

Overall, Aon Reinsurance Solutions and Guy Carpenter accounted for 70 percent of the total vote count, up from 66 percent last year.

On the underwriting side, top two companies MAP and Fidelis Insurance claimed a modest 17 percent of all votes. However, this resulted from the recognition of just three individual underwriters.

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For those companies trailing behind MAP, it was very much a level playing field with only a few points’ difference between each position.

Fidelis and new entrant Scor shared the second spot with both firms reaching an overall score of 25.

Chief underwriting officer for US property cat, Christian Marx, brought in over 50 percent of the votes for French reinsurer Scor after being in his current role for just over six months. Prior to this, Marx was a senior underwriter at the same firm for eight years.

RenaissanceRe took fourth place in the companies ranking, with Chaucer, Beazley and Axis Capital sharing fifth position. The trio was new to the top 10 altogether.

MS Amlin, in contrast, fell six positions to eighth following the departure of their lead underwriter Greg Roberts who joined AmTrust Syndicate 1861 at the beginning of the year.

To view the full survey results, click here

The importance of independence

The rankings work is undertaken by experienced research staff who share the ethos and values of The Insurance Insider, under the ultimate oversight of editorial director Mark Geoghegan.

However, just as The Insurance Insider jealously protects its editorial independence, so does the standalone research team, which operates autonomously from editor-in-chief Adam McNestrie and his team of journalists.

As such, the rankings and editorial businesses respect the necessary distance between the very different work that they do.

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