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May 2017/4

  • Interest in full syndicate start-ups at Lloyd's has waned considerably over the last 18 months to two years as the soft market has started to bite.
  • A number of Lloyd's carriers are embroiled in legal action in New York over the alleged theft of $400mn of oil by Moroccan refinery Société Anonyme Marocaine de l'Industrie du Raffinage (Samir), court documents show
  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • The Insurance Insider's index of major P&C (re)insurance companies - The Insider 50 - rose by 0.8 percent last week to 1,062.1 index points, edging ahead of other leading market indices
  • The New York Metropolitan Transportation Authority (MTA) has achieved significant premium savings on its second cat bond, the $125mn MetroCat Re 2017-1 issuance, according to Trading Risk sources
  • UPC Insurance incurred almost $20mn of catastrophe losses for the first four months of the year to put it $10mn shy of triggering its aggregate and quota share reinsurance covers, sister publication Trading Risk reported last week
  • P&C non-life reinsurance underwriting performances deteriorated in the three months to 31 March for the companies in our global reinsurer aggregate, due to core loss ratio inflation, higher catastrophe losses and Ogden hits
  • The Insurance Insider's composite of global reinsurers recorded a 2.3 percent weighted average drop in first quarter P&C reinsurance gross written premiums (GWP) to $17.6bn, using a five-year average exchange rate
  • London-based carriers posted contrasting gross written premium (GWP) movements in the first quarter
  • EC Solvency II threat; Greenberg dissent; MS&AD profits up; Political risk consortium; Tokio Marine earnings; FHCF considers reinsurance; Moulder exit; Pembroke agency MD Wash departs
  • Reinsurers pushed through motor insurance rate increases of as much as 60 percent in the April renewals, while Q1 disclosures pointed to a reserves hit of up to $7bn, analysts have said in the aftermath of the UK government's Ogden discount rate cut.
  • The Hartford's recently acquired Maxum Specialty unit is withdrawing from the US programme sector, The Insurance Insider can reveal.