December 2017/3
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Reinsurers look unlikely to achieve a meaningful correction in US property catastrophe reinsurance pricing at 1 January, but will be able to point to a better than expected casualty renewal.
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It is a universal rule of cinema that movie sequels are always worse than the original.
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Reinsurance pricing reflects market fundamentals. And that is the story of this renewal to date.
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In common with their property cat colleagues, US casualty reinsurance underwriters are suffering a late 1 January renewal, with most deals still awaiting firm order terms as of early December.
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Casualty reinsurers are talking about brokers and clients taking a more "realistic" approach to dynamics in a sector where margins have been squeezed to the point of being unsustainable on many quota share deals.
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Florida's state-backed insurer is preparing for a challenging 2018 that will see ongoing profitability pressures from assignment of benefits (AOB)-driven non-weather losses and an increase in reinsurance costs.
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Reading external budget documents is unlikely to be high on the to-do list for reinsurers and brokers entering the frenetic last couple of weeks of a 1.1 renewal season that has run late and proved challenging.
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The London property binders market is resisting rate decreases on US business at renewal in the wake of losses from the North Atlantic hurricanes.
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Ogden rate uncertainty is giving reinsurers ammunition on motor excess of loss (XoL) renewals after intervention from a committee of lawmakers threatened to delay promised reforms.
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UK insurers looking to establish infrastructure-light entities in the EU because of Brexit while servicing them from Britain could face hefty VAT bills, tax experts have warned.
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At least $3.8bn of new capital has been raised in the space following significant losses from hurricanes Harvey, Irma and Maria (HIM), according to Trading Risk data.
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Covea Group's first cat bond has settled below the lower end of initial price targets, according to Trading Risk sources.
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United Insurance Holdings (UPC Insurance) has raised $150mn through a public debt offering, which the Floridian carrier has said will enable it to participate in future opportunities.
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The International Group (IG) of protection and indemnity (P&I) clubs has set back hopes of broad-based rate rises in the marine market after achieving a rate reduction of around 1 to 2 percent on renewal of its excess-of-loss (XoL) reinsurance treaty.
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Lloyd's has issued a new round of guidelines for syndicates writing accident and health and life insurance for international and/or government organisations after identifying a number of common misconceptions.
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The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have offered leeway on the incoming Senior Managers and Certification Regime (SM&CR) with the promise of an implementation period and relief for some companies from certain requirements.
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Workers' compensation insurers accounted for about a quarter of the 354 US P&C carrier impairments recorded over the past 17 years, according to AM Best data.
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Markel Catco has increased its fund loss reserves for its Catco Reinsurance Opportunities Fund by 4.4 percent of net asset value (NAV) in response to October's California wildfires.
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Electricity supplier Edison's statement last week that it believes its facilities are being investigated as a possible cause of the ongoing Southern California wildfires has raised the possibility of another painful blow for casualty underwriters.
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Early momentum for reinsurers in the US property catastrophe treaty renewals is fast evaporating as cedants increasingly exploit excess capital to cap rate rises, The Insurance Insider understands.
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