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.

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

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.

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.

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.

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

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

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

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

The cutbacks could have withdrawn close to $1.5bn of limit from the market.

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

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

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.

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

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

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

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

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

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.

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.

An ever-clearer picture is emerging of what winning and losing looks like in a hardening market.

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.

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

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

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

Sources said airline premiums have increased by around 40 percent on average.

The (re)insurance industry argues that the cumulative impact of rules disadvantages the UK compared with peers.

The carrier has dropped some layers from its ILW-based ILS transaction.

Just as the major UK political parties brawling to form the next government have decided voters are unmoved by the boring business of debt- and deficit-to-GDP ratios, Swiss Re CEO Christian Mumenthaler has concluded that capital concerns no longer hold that much sway.

The reinsurer said it had it ceded $900mn more exposure overall into the alternative reinsurance market in 2019.

A-grade students lose momentum, world-class soccer teams have bad runs and every ship must occasionally navigate through stormy weather.

The new conduct and governance regime will significantly increase regulatory requirements for brokers from next week.

Data from the Q3 CIAB pricing survey provides solid evidence the market today is well beyond anything seen since the turn of the decade.

Buyers look to alternative risk transfer options as stressed market conditions continue.

Is light finally at the end of the tunnel for Swiss Re Corporate Solutions?

This publication highlights five key areas of the unit’s turnaround plan from Swiss Re’s investor day.

The reinsurance chief also says he’s preparing clients for significant rate rises as the carrier’s underwriting “walks the talk”.

Cat bonds sponsored by the California Earthquake Authority and the Philippines government both achieved their target size while pricing in the upper range of coupon guidance.

Loss deterioration, interest rates and capacity reduction lend weight to reinsurers’ case for rate rises.

International CEO Vandendael predicts staff numbers in London and Dublin will rise by about a quarter in 2020.

Any carrier troubled in recent months by large losses, be they property or casualty, will have noted Zurich CEO Mario Greco’s claim last week that his company has neutralised the threat.

The Corporation said it would lobby regulators and tax authorities to deliver an effective structure.

One of the best indicators of risk is how much growth was written in problematic lines during the soft market years.

The business was established as a JV by Willis and Pembroke in 2012 after change in Lloyd’s rules.

Inside P&C analysts applaud loss ratio improvement but note there is more work to be done on expenses and capital efficiency.

Executives who have been upfront about the need to batten down the hatches ahead of the impending casualty storm must be feeling a little put upon.

Full syndicates approved in the five-year period have generally underperformed.

The Hyperion X analytics head said the process would be “painful and nerve-wracking” but would enable more trading opportunities.

The four European carriers have significantly outpaced Bermudian reinsurers in GWP growth so far this year.

The latest Galileo cat bond has five tranches and will cover various natural catastrophe risks in the US, Canada, Puerto Rico and the US Virgin Islands, Europe and Australia.

The mooted lead-follow arrangement was another bone of contention.

Casualty rates and T&Cs should improve for 24-36 months, the executive said.

As claims from Dorian and Faxai dent Q3 results, this publication assesses the impact on the market so far.

AIG’s AlphaCat-managed ILS funds grew AuM by $200mn in Q3, while assets at Nephila, Hiscox ILS and Mt Logan dipped in the quarter.

After years of cheap capacity and widening terms, complex accounts renewing in recent weeks have attracted low double-digit rate hikes.

Travelers chairman and CEO Alan Schnitzer is a vocal critic of a US litigation culture he claims imposes a “tax across society”. A worsening tort environment was the driving factor in the carrier’s own quarterly earnings shortfall, and has also emerged as key theme of the third quarter reporting period.

Now is the time to prove the growth rationale behind the 2015 Ace-Chubb merger, Inside P&C analysts said.

A more litigious environment in the country has pushed up claims frequency and severity.

The report showed record levels of funding but also emerging geographies, a changing funding composition and renewed B2B focus.

Rates are technically weak, but growth mindset and regional capacity will check pricing.

The government scheme is to back early-stage and growth capital investors participating in the UK's National Security Strategic Investment Fund.

The firm appears to be standing still on market share at best, according to an Inside P&C analysis.

How was your company’s cloud “journey”? Was it redemptive, like the path from convicted criminal to TV talent show winner? Did you learn a lot about yourself in the process, and more importantly do you love the destination?

Failing to expand could lead to the market stalling, suggested speakers at Trading Risk’s New York conference.

Cedants are also increasingly seeking for group-level reinsurance protection for cyber exposures.

The demise of Neil Woodford and his funds empire will have wide reverberations for many months.

The regional scene continues to mature, receiving more attention from foreign investors and InsurTechs alike.

Sister title Inside P&C gives an early view on the results commentary for Q3 earnings, which points to further acceleration.

The total return reinsurer is working with JP Morgan as it explores its options.

Geography matters in reinsurance. Bermuda's isolation means that every carrier knows its neighbour's business.

An Inside P&C analysis delves into the operating results of the 12 largest private brokers by revenue.

Historic frequency and severity of losses will create sharp pressure for rate rises at 1 April.