August 2019/1
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The three Sunshine State carriers that reported earnings last week suffered operating losses in the quarter.
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The results showed a mixed bag for (re)insurer use of third-party capital. -
Swiss Re’s medmal exit comes after ProAssurance’s warning last quarter of companies being “swept away by the tide”.
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A third of the portfolio is targeted for remediation, as a shift towards third-party reinsurance purchasing is signalled.
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With honourable exceptions, big generalist businesses with highly corporate cultures are bad acquirers of smaller, more specialised outfits with entrepreneurial mindsets.
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Further details of the cyber placement show the risk is fairly evenly spread across the US, Bermuda and London markets.
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Pro forma analysis shows the combined gross written premium of Syndicates 2012 and 1955 to be £666mn.
