March 2017/1

The World Bank's Pandemic Emergency Financing Facility (PEF) is on track to be completed this year, according to Michael Bennett, head of derivatives and structured finance at the organisation

Florida Citizens Property Insurance is expecting an increase in business as a result of Demotech's warning that local insurers with less than $25mn surplus may be downgraded, according to its chief financial officer Jennifer Montero

The Bermuda composite's operating return on equity (RoE) declined by a third to 5.8 percent in the final quarter of 2016.

Liberty Mutual's new sidecar may lead the way for further (re)insurance disintermediation, although many primary insurers may not be able to follow, said a Standard & Poor's (S&P) insurance analyst at the Sifma IRLS conference in Miami

Share price data on The Insurance Insider's universe of P&C (re)insurers

The Insurance Insider's composite of (re)insurance stocks rose 2 percent last week, but underperformed the FTSE 100, Stoxx Euro 600 and S&P 500

Bermudian carriers recorded heavy cat losses in the fourth quarter of 2016 to take the group's combined ratio 6.1 percentage points higher year-on-year to 93.9 percent.

Auto insurers have been looking to advances in technology such as rear-view cameras and collision-avoidance systems to lower the cost and frequency of claims, but some have suggested that the new developments are among the factors helping to drive up losses

Gross written premium (GWP) expansion at Bermudian (re)insurers slowed in Q4 2016, following a lumpy, M&A-driven prior-year quarter and a slowdown in insurance underwriting.

Novae has had a difficult run, with the Ogden rate change capping a period that has seen the departure of its respected CFO and a profits warning that telegraphed a significant book value drop.

London market carrier Novae's delayed results, which are scheduled for publication this week, are likely to come under intense scrutiny as investors look for signs of a resurgence following a tumultuous end to 2016.

A Hong Kong government advisory group has claimed the region is "facing a serious challenge" as a (re)insurance hub and recommended a series of regulatory and legislative changes to make it more attractive.

Calamos behind Exin; PPL adds marine; Sydney hailstorm losses; Fairfax extends Allied deadline; Avatar to buy Epic; BHSI adds Asia A&H; D&F trio exits Sirius; MS Amlin builds LatAm hub

Catalina's owners are looking to capitalise on the "legacy moment" via a bid process that they hope will allow them to crystallise their gains and secure a $1bn valuation.

Doubts over the future of AIG president and CEO Peter Hancock have stirred debate over who might feature on a shortlist of potential candidates to replace him.

Cobalt's deferral of its targeted Lloyd's inception date beyond 1 April is a clear demonstration of the mounting difficulty of forming any true start-up on Lime Street.

Shariah-compliant insurer Cobalt is set to miss its 1 April projected start date at Lloyd's as it continues work to secure capital support for its proposed syndicate on acceptable terms, The Insurance Insider understands.

The Hartford remains on the acquisition trail as it looks to further expand its specialty insurance operations, The Insurance Insider understands.

The UK government's unexpectedly large reduction in the Ogden discount rate last week has brought into focus Lloyd's concerns about reserving in the motor insurance market.

The cut in the Ogden rate could trigger rate increases of more than 20 percent in wider casualty reinsurance lines, market sources told The Insurance Insider.

The decision of Lord Chancellor and Justice Secretary Liz Truss to push the discount rate to minus 0.75 percent stems from a 1999 House of Lords ruling that predates the dotcom crash, the subsequent bull market and the ensuing credit crisis - and that critics say has little relevance today.

Insurers are hoping for a short stay in negative discount rate purgatory as a consultation with Chancellor of the Exchequer Philip Hammond gets underway.

The impact of the Ogden rate change will be more unevenly distributed through the reinsurance market than many other losses, with some reinsurers having bet heavily on UK motor reinsurance while others eschewed the market entirely.

Never underestimate the ability of even the best-intentioned authorities to mess things up.

UK excess-of-loss (XoL) motor reinsurers are targeting rate rises of 50 percent off the back of a projected £5bn ($6n) hit from changes to the Ogden rate, as they look to secure rapid payback after the shock loss.