Issues

Lockton Re has leveraged long-standing client and market relationships to get its burgeoning fac business moving, despite the challenges of global lockdown

Brit has appointed Andrew Umphress as vice president, terrorism, for its US specialty operation, Brit Global Specialty USA

The aviation market has had a turbulent few years, but despite coronavirus-related loss of premium income in 2020, continuing rate increases into 2021 could keep it on track to profitability

Axa XL has received approval to set up a reinsurance subsidiary in China, making it the first foreign-owned reinsurance subsidiary in China.

S&P Global Ratings has revised its ratings outlook on Allianz Global Corporate & Specialty (AGCS) from stable to negative, citing Covid-19-related profitability concerns.

Insurers involved in the Financial Conduct Authority (FCA)’s test case for BI disputes have contested the regulator’s assertion that the Covid-19 outbreak was the proximate cause of insureds’ losses.

There has been a spate of claims in the cannabis insurance market after riots and looting broke out in many US cities earlier this month, according to broking sources.

Pacific Gas and Electric Company (PG&E) has received approval from the California bankruptcy court for an $11bn settlement with insurers related to wildfire losses in 2017 and 2018.

Insured losses for 2020 could make it the largest year for claims in history, according to Guy Carpenter, with losses totalling $160bn in the broker’s worst-case scenario.

A $49mn marine liability policy held by supply ship operator Rodi Marine is expected to be one of the first in the market to receive a Covid-19-related claim.

The directors’ and officers’ (D&O) insurance market is bracing for a total loss of around $600mn for claims against American-Israeli drug manufacturer Teva Pharmaceuticals.

The loss from a March explosion at a South Korean petrochemical plant has expanded from about $200mn to around $600mn after business interruption (BI) claims pushed up the initial loss estimate.

Argo Group has exited the SME cyber market, leading to the departure of senior underwriter and group head of cyber Paul Miskovich from the carrier.

The Hiscox Action Group (HAG) has been given permission to take part in the Financial Conduct Authority (FCA)’s test case on Covid-19 business interruption (BI) claims.

The All England Lawn Tennis & Croquet Club (AELTC)’s contingency policy is unlikely to renew next year due to market constraints, according to the CEO in charge of the Wimbledon tennis tournament.

Vanessa Macdonald-Smith, who resigned as CEO of the legacy JLT Fac business in April 2019, has resurfaced in the market as head of direct and facultative at Oneglobal Broking.

Allianz Global Corporate & Specialty (AGCS) CEO Joachim Müller has unveiled a turnaround plan that will make the carrier “more efficient, leaner and faster”.

Insurance lawyers are anticipating a massive surge in PTSD-related claims in the aftermath of the Covid-19 outbreak, amid a wider uptick in liability claims triggered by the pandemic.

A trend of capacity withdrawals from the accident and health market preceding the Covid-19 outbreak has been compounded by a growing pushback on pricing and terms and conditions following the pandemic.

Insurers for BW Offshore’s Sendje Berge FPSO may have dodged a bullet following a pirate attack on the vessel, but the ordeal may only be beginning for the nine crew members kidnapped in the raid.

Estimates from Aon, Munich Re, Swiss Re and Willis Re put Typhoon Hagibis lower than the modelled average, with Typhoon Faxai in line with expectations.

Inside P&C questions whether emerging pressures in medmal are receiving enough attention.

If early reporters Travelers and RLI are reliable cross-industry bellwethers, it looks like significantly lower overall catastrophe losses last year will flatter carriers’ Q4 and 2019 results and offset much of the damage from spiralling casualty claims.

Modest acceleration in January brings underwriter hopes of further momentum mid-year.

The World Bank's pandemic insurance bond covers the virus, and is designed to trigger if deaths impact multiple nations.

However, there's more to re-underwriting an excess book than price alone, Inside P&C analysts noted.

Only a matter of months ago “social inflation” sounded slightly arcane. It has since become the industry’s main preoccupation.

The cutbacks could have withdrawn close to $1.5bn of limit from the market.

Discussions about the programme's roll-out reveal fears of accidental coverage widening and a flight by insureds to companies markets.

This publication looks at the 10 most prevalent industry trends for the year ahead.

As much of the western business world last week battled post-Christmas inertia, regulators at the UK’s FCA were already hard at it.

Pricing continued to rise at 1 January amid a capacity squeeze and social inflation.

Speculation linking AIG with a bid for Voya highlights the competing operating and capital allocation challenges facing company in 2020.

The private fundraise offsets shrinkage in the ILS firm's two mutual funds which invest in cat bonds and sidecars.

Neon closure brings total number of shuttered syndicates since 2018 to eight.

The regulator’s proposals go further than Eiopa’s planned cloud-focused reforms.

An oil rig off the coast of Norway may seem an unlikely victim of social inflation. But the phenomenon that has created misery for USA Inc and shaped the outcome of the casualty reinsurance renewals is being felt far from the pharmaceuticals companies, the hospitals, the religious institutions – and insurers thereof – perceived to stand well ahead in the firing line.

Blazes not expected to breach occurrence retentions despite generous hours clauses.

Leo Re sits alongside Munich Re's more broadly distributed Eden Re, which contributed $300mn in 2019.

The majority of I50 stocks rallied during 2019, enabling the index to grow by almost 20 percent.

Willis Re report shows reinsurers reacting to Boeing incidents and ILS lock-up.

A shift towards rated paper and occurrence structures helped the market clear with some deals remaining outstanding.

The Insurance Insider looks back to some of the standout pieces of the last 12 months.

Rates on North American property binders up between 10 and 25 percent depending on territory.

This publication explores growth by quartile and the biggest risers and fallers in the market.

The main disrupted segments are still aggregate retro and sidecar vehicles.

For major continental European (re)insurers the three-year strategic plan, preferably with an aspirational moniker and definitely all capped up, has become a key benchmark of performance.

Two professionals win the underwriter rankings and RKH Specialty’s Jason Rose climbs to the top of the broker podium.