March 2016/5

Lloyd's profits plummeted by 29.6 percent year-on-year in 2015 from £3.01bn to £2.12bn, as reduced investment returns compressed the Corporation's bottom line alongside a weaker underwriting performance.

The Lloyd's market produced a 8.95 percent return on capacity for the closed 2013 year of account (YoA), a drop of 3.4 percentage points on the return booked the previous year.

(Re)insurers must reinvent their terrorism policies to accommodate the changing nature of the threat if they are to continue to serve their clients' needs, according to international specialty broker JLT.

Questions are likely to be asked about aviation security following the hijacking of EgyptAir flight MS181 earlier today (29 March).

AIG Europe profits nudge up; Watford launches specialty insurance platform; Vibe hires duo; Victoria bushfire losses; Marketform concludes review; Trust Re grows; R&Q acquires Rank Insurance; Perils discloses Mike-Niklas estimate; Cyber rate rises decelerate; GCC flood risk; Fire hits UAE residential blocks; Berkshire backs Unicorn MGA; Insurers focused on cost: PwC ; Man-made quakes added to risk maps; Japanese cat bond prices; Markel Catco raises $10.9mn.

The aviation reinsurance broker merry-go-round continued this week with two senior figures at Aon Benfield jumping ship to rival firms and a former head of aviation retiring at JLT Re.

Swett & Crawford chief Tom Ruggieri will depart the broker after its acquisition by BB&T, Inside E&S revealed last week.

The excess and surplus (E&S) sector will continue to find new growth opportunities by innovating to embrace risks, according to Gil Hine, president of the National Association of Professional Surplus Lines Offices (Napslo).

Worldwide Facilities has taken a financial lines team from BB&T's wholesale arm just two weeks after settling a poaching dispute with the US group's latest acquisition Swett & Crawford, Inside E&S revealed.

Private equity giant The Carlyle Group has signalled its intent for further M&A in the US broking and managing general agency (MGA) space after closing a deal to buy the assets of Wholesale Trading Co-Op Insurance Services (WTC).

Bob McAuley has resigned as managing director at RT Specialty, Inside E&S revealed last week.

RT Specialty has agreed a deal to buy New York-based wholesaler Hartan Brokerage on undisclosed terms.