August 2019/1

The three Sunshine State carriers that reported earnings last week suffered operating losses in the quarter.

Further details of the cyber placement show the risk is fairly evenly spread across the US, Bermuda and London markets.

The results showed a mixed bag for (re)insurer use of third-party capital.

Pro forma analysis shows the combined gross written premium of Syndicates 2012 and 1955 to be £666mn.

With honourable exceptions, big generalist businesses with highly corporate cultures are bad acquirers of smaller, more specialised outfits with entrepreneurial mindsets.

Swiss Re’s medmal exit comes after ProAssurance’s warning last quarter of companies being “swept away by the tide”.

A third of the portfolio is targeted for remediation, as a shift towards third-party reinsurance purchasing is signalled.