Specialty treaty

The CEO said that IGI’s action within its PI book showed it was ready to walk away from unprofitable business.

The carrier has been exploring launching into P&C organically or via acquisition.

Several airlines are understood to have come to market early.

After losing in the High Court, insurers pin their hopes on the Court of Appeal.

The aviation market may prove an outlier following a disastrous year of loss activity.

Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.

The pair were offered contracts by Willis Re in July.

CEO Thierry Léger also stressed his intention to repair the carrier’s relations with Covea.

CEO Tom Wakefield said property cat supply is “materially outpacing demand”.

Donna Swillman is currently a senior underwriter at Axa XL.

Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.

In trying to solve multiple needs, specialty reinsurance opens up complexities.

The Lloyd’s carrier is expected to try to claim multiple times under the policy.  

The transaction is expected to have a price-to-earnings multiple of 11x.

The medical professional liability firm is targeting further healthcare opportunities.

The broker said the appointments are designed to drive growth.

The company launched into the contingency market in the wake of the Covid-19 pandemic.

Syndicate 1947 is gearing up to expand its marine reinsurance portfolio.

The Cathal Carr-led carrier has been building its team since launching this year.

The former Hiscox Re & ILS specialty underwriter starts on 7 July.

The changes affect operations in Switzerland, Bermuda and the US.

Phil Furlong has been made head of underwriting and oversight, a newly created role.

The broker is launching a reinsurance arm in partnership with Bain Capital.

TMK formed its specialty reinsurance unit last year.

Competition is high in specialty reinsurance as new capacity enters the market.

Specialty reinsurance has experienced high competition for talent.

The underwriter left Antares last autumn.

The only major product line to see rate increases was casualty.

The combined business volume of the two firms is CHF20.1bn.

Chris Gray joins from Axis, where he was global head of marine reinsurance.

TMK is the largest insurer of aviation risks at Lloyd’s by gross written premium.

Caution around economic volatility wrought mixed outcomes in specialty re.

Cyber, marine and aviation are recent areas of focus.

Some of the Big Four are slowing growth as the market softens.

He also joined Everest’s board last week as an independent director.

Aviation reserve strengthening added 10.1 points to the combined ratio.

Competition for specialty reinsurance talent remains high.

The steep reduction in quantum stands to benefit specialty excess of loss reinsurers.

CEO Andreas Berger addressed Swiss Re’s primary aviation exit.

The investors are led by PE firm NMS Capital Group.

The carrier unveiled its launch last week and is hiring across its divisions.

Capacity will be available to 11 open-market lines of business.

Many cedants secured aggregate and subsequent coverage at 1 January.

Reserves are likely to be set following initial court rulings this year.

The IG said this year had been “more difficult” for the group’s reinsurance partners.

Chairman Neil Eckert and CEO Trevor Carvey said the outlook for the market remains "very good".

Swiss Re has retreated from its “escalation clause” for the Middle East.

The specialty reinsurance space has experienced a recent period of talent churn.

There has been a period of staff displacement in the specialty reinsurance market.

The carrier increased specialty premium by 39% by the nine-month mark.

Ralph Beutter, currently the board member responsible for specialty lines, is set to retire in May 2025.

Overall, insurance rates fell by 1%, led by competition in property.

Despite potential claims stretching into the billions, the events are not expected to shift the dial on pricing.

Reinsurers are tightening their grip on certain specialty lines to make sure they remain profitable, say senior executives participating in our virtual roundtable.

The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.

This publication has reported several exits from the carrier’s Lloyd’s operation.

The specialty treaty market is preparing to deal with the fallout from the Baltimore bridge disaster.

The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.

The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.

He joins from Odyssey Re, where he was treaty underwriting VP.

Former pricing actuary Chris Chandriotis will lead the team.

Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.

Sources previously told this publication there is up $15bn of exposure on-risk locally.

The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.

Carriers achieved sweeping changes in pricing, terms and coverage in a hectic renewal at 1 January 2023, in a reset that sources hope isn’t reversed.

Syndicate 1856 is looking to back diversified coverholders for the project.

Emily Taylor joined Hiscox as a senior underwriter in 2020.

The carrier's global reinsurance panel is led by Arch Re and encompasses 43 other reinsurers, including multiple Lloyd’s syndicates.

The broker has hired Paul Cousins from Chesterfield Group and Matt Webb from Ed Broking to run the division.

Exclusions and coverage changes absolutely make sense as a goal, but some wordings have thrown up additional risks.

Cedants are grappling with rising rates while coverage narrows.

Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.