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In her new position, the executive will report to UIB LatAm CEO Carlos Gutierrez.
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The executive will be based in Zurich and report to international CUO Joerg Bruniecki.
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The broker was part of a mass resignation from Guy Carpenter last year.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January.
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Oversupply of capacity will outweigh casualty and per-risk concerns.
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The reinsurer experienced a “notable decrease” of catastrophe losses last year.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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Sources are expecting multi-billion new limit to be placed.
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He was executive managing director in Aon’s wholesale treaty team.
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Insured losses from the Christmas storms reached $968mn.
-
The carrier has reported that full limits remain on all insurance cover.
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Twia’s actuarial and underwriting committee made the recommendation last week.
-
The MS Re CEO said 1 January oversubscription levels on cat were not notable.
-
The Australian insurer will have $1.7bn of core XOL cover this year.
-
The move followed efficiency considerations and the current state of the Chilean market.
-
Its property cat aggregate cover renewed with improved coverage.
-
The increase in limit reflects the carrier’s growing exposure.
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Firms issued notice in respect of some commercially reinsured war risks.
-
The review followed a methodology change.
-
The ratings agency also affirmed the reinsurer’s A- FSR rating.
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The broker will be based in Miami and offer solutions in lines including property, energy, construction and financial lines.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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The executive joins the company as it looks to bolster its reinsurance capabilities.
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Both executives will report to CEO Guillermo Eslava.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
-
Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
-
Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
-
The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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RedRiff Agency will underwrite A&H insurance and reinsurance through a Lloyd’s consortium led by Beat 4242.
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It is expected to have a negative impact on profit after tax in 2024 of approximately $500mn.
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The CEO anticipates reinsurers to continue focusing on attachment levels and that appetite for specialty classes will be higher.
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The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.
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Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.
-
After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.
-
Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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The New Zealand-based carrier has also decreased the upper limit of its catastrophe programme from NZ$934mn to NZ$750mn.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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Property remained the largest class of business, whilst North America is an increasingly important income source.
-
Plus this week’s executive moves and all the latest exclusives of the week.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
-
Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
-
More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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The firm has written to brokers and counterparties urging them to continue working with it to deliver solutions.
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The loss tally comes in 39% above the average for the 21st century.
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The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.
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The massive line from Warren Buffett’s carrier – previously reported by this publication – supported the insurer’s growing inland portfolio as policies have headed to the state net.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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The quota share cyber reinsurance market is finely poised, with good appetite for strong cyber writers, but reinsurers are cautious of new writers or fronted MGAs.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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Howden Tiger, which has been hiring aggressively from rivals, currently has only limited involvement in marine reinsurance.
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The carrier said it had mitigated the impact of a challenging reinsurance market.
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The broker will also work to support traditional reinsurance and retro activities.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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QBE Re said it was investing in the business with the creation of three new roles.
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This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
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Based in Miami, the executive joins BUA as partner, working alongside managing director and CUO Juan Calvache.
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Plus all the latest executive moves and the top news of the week.
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He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.
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Industry veteran Paul Bonny will continue to offer advice to the company through his ongoing role as non-executive director.
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The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.
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The move follows predecessor Massimo Reina’s defection along with 25+ colleagues to expansive rival Howden Tiger.
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Global reinsurance capital fell by 12% in 2022 to $638bn, Gallagher Re estimated.
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Based in London, the executive will report directly to the company's incoming CEO Guillermo Eslava, who will take over the position in Q2.
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Reinsurers are also increasing their attention on per-risk contracts protecting Japanese interests abroad.
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The appointment of Chris Jones comes amid wider staff movement among Ardonagh’s intermediary firms, as the group consolidates its array of brands.
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Minesh Jani will report to Bradley Maltese, CEO of international and global specialties.
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Intermediaries have highlighted the ‘evolution’ in reinsurance buying as hard market conditions are expected to continue.
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Alun Thomas will report to Bermuda CEO Chris Bonard.
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Wayne Ashley will report to Jim Wixtead, senior vice president of Chubb group and president of Chubb Tempest Re.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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Plus all this week’s top exclusives and executive moves.
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In the firm’s 2023 State of the Market report, it covered multiple classes, warning that for property (re)insurance in particular, inflation will likely continue to inflict pressure.
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The ratings agency has placed under review with developing implications CCR Re’s A financial strength ratings, as well as its credit ratings.
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The appointments will be effective July 1, subject to regulatory approvals.
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The Italian group previously halted writing catastrophe excess-of-loss business.
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The Iumi president said there were hundreds of millions of dollars’ worth of vessels still stranded in Ukraine.
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The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
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This was the highest single-year increase for the US index since 2006.
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The broker also predicted elevated demand for all forms of ILS capital throughout 2023.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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As insurers grow more comfortable with retaining attritional cyber risk they are altering reinsurance placements.
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The underwriter has a background in marine and energy reinsurance and has more than 17 years’ experience.
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The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
-
The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.
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FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
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Felix Winzap will join the Swiss leadership team following the resignation of Peter Schmidt.
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Tristan Abend has been with the Axa XL Reinsurance team for 10 years.
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The move comes amid a general cutback from reinsurers’ in their cat risk appetite.
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The extended coverage was brokered by Howden and saw several Lloyd’s carriers join or renew their coverage.
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The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.
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The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.
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Some syndicates have access to capital to allow them to pursue net growth, but others may be more vulnerable.
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The risk is increasing of some cedants ‘running naked’ in early January as the market faces a ‘horrendous bottleneck’ of negotiation ahead.
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The increase in premium growth was largely attributed to strong pricing trends for commercial lines and reinsurance business.
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The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.
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The broker said clients can move fast in a harder market but need time to review quotes.
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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
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In response, Scor said it is taking all possible steps to improve its profitability.
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Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.
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Reinsurers are demanding price increases and higher retentions as brokers warn cedants to be ‘realistic’.
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Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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The negative outlooks reflect AM Best’s expectation that macroeconomic headwinds and current unfavourable capital and investment market conditions may exacerbate financial stress on Fosun over the short to intermediate term.
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Darren Lednor will become managing agent, while Mark Pickett will be active underwriter.
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The ratings agency said Brazil’s 12% inflation rate continues to fuel loss costs, but IBNR reserves increased 3% from 2020.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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The carrier will focus on writing a limited number of mid-sized EMEA clients in its first year.
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Political violence reinsurance capacity will be a “precious commodity” at 1.1 but differences remain over how much restructuring of specialty composites should occur.
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The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.
-
The expansive broker has also hired Mario Binetti from Everest Re as head of casualty treaty and actuarial.
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Negotiations may focus on attachment points and the extent of double-loading for inflation.
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Under new CEO Robert Wiest, the company is implementing a new operating model.
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Third-party capital is showing “skepticism” over the market while traditional capital will decline this year.
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Reinsurers are seizing the chance to correct soft-market terms and conditions.
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Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
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The company said the evaluation process is expected to conclude within the coming months, enabling a potential dual listing in the fourth quarter.
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Reinsurance has contributed increasingly to the results of the Belgian carrier, which is looking to further diversify.
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The broker said climate, conflict and capital concerns will keep driving up reinsurance rates but suggested new capital may be attracted to the market.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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A report warns that recent rate increases may not be enough to protect against headwinds.
-
A Moody’s survey of reinsurance cedants found most are expecting cat rate increases to remain in a high-single-to-low-double-digit bandwidth.
-
Insured losses in 2021 alone hit $20bn.
-
The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
-
The carrier’s withdrawal from certain specialty lines comes as remediation feeds through into improved results.
-
Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.
-
Average budgeted expected losses rose by nearly 20% this year with reinsurers factoring in climate variability.
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The review comes as the company plans to issue a follow-on offering of its shares in early September.
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The investor now has a ~9% holding in the legacy specialist.
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Piotr Nowakowski joined Peak Re in January from Echo Re and was previously head of product underwriting for Peak Re’s P&C business.
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The carrier is in growth mode in reinsurance following a period of caution, owing to pricing concerns.
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The purpose of the agreement is to allow insurers to meet the guidelines set forth by Fannie Mae and Freddie Mac.
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The Hong Kong-based carrier and its backer have been placed on negative review by the ratings agency, prompting questions around its future.
-
The insurance agents’ trade body also raised concerns over brokers’ E&O cover.
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The release followed an appeal judgment from the High Court of Australia.
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The rate-on-line index rise is the steepest uplift in 16 years.
-
The $2.5bn includes $1.45bn of newly placed limit and $1.06bn of existing coverage.
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The Financial Services and Markets Bill could be published next week.
-
Guy Money, global head of product at AGCS, has been appointed global head of multinational business.
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The coverage secured represents higher average insured values compared to last year.
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Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.
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The executive previously led financial lines in Iberia for the carrier.
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The state-backed carrier bought two-thirds of its programme in the collateralised market.
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Rate increases are now universal in the property cat markets, the Gallagher Re executive said.
-
The Prime Minister believes the PRA is being too cautious in bringing in new rules.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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The US P&C carrier is putting more premium through its captive.
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The move follows a restructure of the broker’s London reinsurance unit last year.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
-
S&P’s believes that Toa Reinsurance Group’s performance will continue to deteriorate.
-
The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
-
The ratings agency said the run-off sector is set to remain highly competitive over the coming years.
-
The move comes after an abortive effort from Axis to sell its entire $3bn-premium reinsurance business.
-
The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.
-
The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
-
The state-backed carrier hopes to fill out more of the gaps in the coming days.
-
The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
-
DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
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The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
-
The appointment comes after the MGA brought new capacity to the cargo market last year with a $18mn facility.
-
The broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
-
Plus latest people moves and all the top news of the week.
-
The London head and energy leader joined the company in 2013.
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He moves from Axis Capital and will succeed Jon Levenson.
-
Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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Matthew Sims and William Taylor will launch a book from November as the market moves away from composite covers.
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The executive will be responsible for underwriting strategy for the London and international casualty book.
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The sale process is in the early stages of marketing, and bids are expected later in May.
-
Plus the latest company results, people moves and all the top news of the week.
-
Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
-
The carrier’s P&C divisions in North America and Latin America both reported 17% year-on-year increases in GWP.
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He will replace the retiring Dennis Alba.
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Pool Re estimated pricing could fall by about 20% outside central London and by more than 30% in many non-urban areas.
-
Clarity is growing over how the Ukraine war loss may eventually play out, although the picture is still uncertain.
-
A restructure will see a global product leader appointed for all QBE Re’s business lines.
-
The carrier’s combined ratio deteriorated by 2.2 points to 98.3% due to heightened loss activity, including losses from floods in Australia and storms in Europe.
-
Plus this week’s Q1 results and all the top news of the week.
-
Jefferies has been awarded the mandate to seek a buyer for the segment.
-
The commitment includes achieving greenhouse gas neutrality across its global underwriting and investment portfolios.
-
Plus the latest executive moves and all the top stories from this week.
-
The ratings agency cited slowing rate rises and challenges for carriers to achieve above-inflation premium increases.
-
The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
-
The CUO of the world’s largest reinsurer explains the company’s enduring commitment to cat risk despite advancing climate change.
-
Amid Ukraine uncertainty, there is extreme wariness among reinsurers to provide PV and terrorism cover as part of bundled specialty treaties.
-
The Russian invasion of Ukraine is likely to result in a “mid-sized” cat loss, according to Swiss Re CEO Christian Mumenthaler.
-
Alternative capital increased by 4.4% after two years of stagnation.
-
The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.
-
There is a tension between securing payback and negotiating higher retentions.
-
Pricing rose to 950 bps, the higher end of guidance.
-
The new law, set to be implemented on 1 July, seeks to lower insurance premiums for cyclone-affected areas of Australia.
-
Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
-
The Lloyd’s business is drawing on TMHCC to advise on the future of its reinsurance book.
-
Executive pay at RenaissanceRe fell for the second year in a row in 2021 after a “disappointing” return for shareholders in a year of elevated natural catastrophes.
-
TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.
-
Lloyd’s 2021 results have revealed significant improvements in virtually all lines of business as well as rocketing premium growth in reinsurance and primary casualty business.
-
The EU has clarified that (re)insurance provided by EU-based carriers for non-Russian airlines flying to and from the country is not prohibited under its sanctions.
-
The limit has increased by 5.5% on cover of $1,930mn placed last year.
-
Tuttle has more than 35 years’ experience in P&C broking and cat modelling.
-
Unlike deals like Axa-XL or Catlin-XL before it, this transaction is expected to be much more neutral in its impact on reinsurers.
-
The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
-
Carr was previously SVP, global head of property catastrophe at the reinsurer.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
-
New treaty placement elements on the Adept platform will provide structured data exchange functions throughout the placement process.
-
Tom Clementi replaces outgoing CEO Julian Enoizi who held the position since 2013.
-
A 1% increase in inflation could lead to a five-point increase in combined ratio for a longer-tail risk such as medical professional liability, the Scor chairman said.
-
The Treasury acknowledged that maintaining an unlimited guarantee remains essential to Pool Re’s operation.
-
Plus more on the market’s exposure to aircraft leasing firm Aercap and the lowdown on the US 1.4 renewals.
-
It is understood that the policy is written via the Aon Alpha facility and is led by Liberty Specialty Markets.
-
The carrier is facing more growth than anticipated after recent insurer failures.
-
The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
-
The company’s adjusted return on equity will have a floor of 14%.
-
The carrier has already withdrawn cover for the top 5% of carbon-intensive oil and gas firms in the past year.
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The reinsurer will make exceptions if the suspension of business negatively affects persons or companies that need protection.
-
The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
-
President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
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Acrisure Re brokered the deal.
-
The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries.
-
The syndicate has doubled its underwriting profit and improved its combined ratio as its turnaround work bears fruit.
-
Wind XoL rate increases are tapering off, while cedants push for commission increases on quake quota-shares.
-
The reinsurance deal will require James River to write off $6.8mn in Q1 2022.
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The current CEO will step down on reaching retirement in May.
-
Suncorp and RACQ set to recover losses through reinsurance.
-
Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.
-
The deal’s exposures are focused in the troubled personal auto market where loss costs have been running ahead of rates.
-
Those writing large energy or infrastructure risks, such as London market insurers or international reinsurers, will be most affected by the war, the ratings agency warned.
-
This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
-
The carrier’s CFO said there will be continued opportunities to grow top line in P&C, CorSo and L&H over 2022.
-
Plus the evolution of the broker consolidator model, this week’s results and all the top news of the week.
-
The start-up Bermudian reinsurer has focused initially more on quota share.
-
Reinsurance recoveries will depend on whether losses are aggregated, the ratings agency said.
-
Gross written premiums came to $378.8mn in its first year of trading, with an indicative renewal rate increase of 13.7%.
-
Cyber reinsurance premiums may exceed those of property cat by 2040.
-
Plus our take on London market financials a all of this week’s full-year results.
-
S&P’s proposal to disallow senior debt as a form of available capital is thought to be among the most impactful of a slew of detailed changes by the rating agency.
-
Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
-
The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
-
RenaissanceRe had raised $470mn for the high-risk fund platform a year earlier.
-
Plus the latest on Floridian reinsurance reform and all the week’s top news.
-
The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
-
The ratings company said it considered Scor's earnings performance, which has been below the agency's expectations for the past five years.
-
EC3 has declined, struggling with a diminished ability to lead, Lloyd’s regulation, declining client relevance and the rise of Bermuda.
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Cedric Wong has also been promoted to lead the UK engineering and construction wholesale team.
-
Two legal academics, giving evidence to the House of Lords inquiry into London market regulation, highlighted the need for a climate-focused duty for regulators.
-
The rise accounts for growth in the firm’s specialty auto book.
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The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
-
The carrier said InsurTech investment was driven by specialty and commercial solutions during the year.
-
TigerRisk Capital Markets has been retained to advise, and the business is being marketed to run-off carriers.
-
The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
-
Trade bodies shared concerns today on the London (re)insurance market’s global competitiveness, in the first session of a House of Lords inquiry into regulation.
-
The ratings agency is allowing more time for feedback on proposed changes to assessing insurers’ capital adequacy levels.
-
The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
-
This was the second year the insurer drew down its full reinsurance limit.
-
The Axa XL executive said a parliament inquiry into London market regulation provides a platform to raise issues around the absence of UK captives and domestic reinsurers.
-
The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
-
The industry is expected to improve its return on capital slightly in 2022.
-
Richard Pike joins Howden Re from Berkley Re, where he was responsible for regional ceded reinsurance.
-
Charles Kasmer stepped down from his role as group chief actuary at Catalina in June 2021.
-
Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
-
The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
-
The catastrophe market, inflation and loss-costs and the pandemic unwind are among the trends to shape the news agenda this year.
-
The Federal Emergency Management Agency trimmed its spend on the program by 12%.
-
In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
-
Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
-
The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
-
European loss experience drove the firm’s index back in line with 2014 levels.
-
The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.
-
Quick progress on a late reinsurance renewal has closed many gaps but private deals have proliferated, making overall outcomes more opaque.
-
The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
-
The reinsurer announced its repurchase programme earlier this week to meet future obligations under incentive schemes.
-
Fairfax completed the sale of a $900mn stake in Odyssey Group to CPPIB and Omers earlier this month.
-
The “squeezed middle” of the reinsurance sector is under pressure, but attritional risk aversion could drive ongoing changes.
-
Reinsurers have held the line more strongly than last year but rising risks may offset gains.
-
Reinsurers anticipate lower increases than last year but maintain pressure for rate in inflationary environment.
-
Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
-
Group operations will be reorganised, with all technology responsibilities falling under Ladva’s remit.
-
Deals for CNA, Zurich, AIG, Sompo and Axa XL highlight the intense demand among reinsurers for casualty and professional liability pro rata business.
-
The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
-
Plus the latest executive moves and all the top news from the week.
-
The pricing outlook is murky with few FoTs in the market, but payback for Bernd is certain.
-
The resignation of Michael O’Connor comes amid several recent departures from Ascot.
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The target firm deals in engineering, energy, P&C and specie.
-
In a recent report, the ratings agency cited rising loss cost inflations, enhanced market discipline, and growing demand for reinsurance capacity as the industry approaches January 1 renewals.
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The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
-
Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
-
Nearly three months on, the event still seems heavily stacked towards residential claims.
-
An RAA study found that for the nine months ended September 30, the combined ratio for group of US reinsurers deteriorated by 0.5 points to 100.7%.
-
The fundraise will support collateralised reinsurance deals with the firm initially targeting Californian wildfires.
-
The reinsurer and the tech firm will collaborate on driverless vehicle products.
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-
The ratings agency expects the carrier’s underwriting performance to improve in 2022.
-
Two thirds of natural catastrophe losses are currently unprotected globally, but this is expected to decrease in the future.
-
The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
-
The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.
-
Ardonagh’s reinsurance business Inver Re has hired former Howden executive Nick Griffiths as a director.
-
UnipolRe has pulled out of writing property cat excess-of-loss business as it became the first reinsurer to fully exit the class based on the impact of climate change, Insurance Insider can reveal.
-
Executives said they were surprised that underwriters had staged more of a return than brokers.
-
Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10%-19%, according to the latest white paper from Karen Clark & Co (KCC).
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MS Amlin’s head of reinsurance Matthew Wilken is to leave the business for a role at Hiscox Re & ILS in Bermuda, this publication understands.
-
Scor is to shift its portfolio to increase the proportion of P&C to 60% and reduce life and health (L&H) to 40%, according to CEO Laurent Rousseau.
-
Plus an interview with Swiss Re’s Thierry Léger, and the London listed carriers’ Q3 results.
-
Lockton Re has hired James Boon from Aon to work as a senior broker in the expansive non-marine retrocession and property specialty division.
-
The International Group (IG) has offered premium rises of 52% on the lower part of its general excess of loss (GXL) reinsurance contract following a spell of substantial claims since the contract switched to a two-year deal, Insurance Insider can reveal.
-
The insurer will recoup $986mn from its reinsurers in relation to Q3 cats, of which $689mn stems from Hurricane Ida.
-
The return to an in-person event follows two years of forced cancellations owing to Covid-19.
-
Hurricane Ida will also hit the K-Cession sidecar but not the XoL cover, board member Sven Althoff said.
-
Swiss Re’s group CUO Thierry Léger has explained to Insurance Insider the rapid progress insurers need to make in the next decade, adding that “every year counts”.
-
IAG said catastrophe losses have reached 77% of the way to triggering its aggregate reinsurance cover for its fiscal year 2022.
-
The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week, and promoted Peter Bell to be its new CEO in Bermuda in July.
-
The top 21 reinsurers were rated positive on just 9% of factors overall.
-
The ratings agency said that the deal would increase diversification but heighten catastrophe exposure.
-
Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
-
The new operation, labelled ‘the forum’ will be a trading hub for Fidelis and its MGA platform, Pine Walk Capital
-
Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
-
The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
-
The carrier will continue to write the business from Bermuda and the US.
-
The carrier will also continue with plans to expand in Asia.
-
The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
-
The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
-
The Scor chairman takes over from Swiss Re CEO Christian Mumenthaler, who steps down after two and a half years in the role.
-
The climate-transition pathway solution helps insurers identify clients with robust climate-transition plans.
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The Hannover Re subsidiary said the event would incur insured losses in Germany alone of “well in excess” of EUR8bn.
-
Kate Roy has served as COO for Great Britain and Willis Ltd since 2015 and been involved on the PPL board since the platform’s inception.
-
The reinsurer said it was adding "a new generation of expertise" to its energy team.
-
Plus the winners of the Insider Honours and all the top news from the week.
-
The operation will be led by José Leão, CEO of BMS Re in Brazil, and Judi Newsam, president.
-
Discussions with industry and in-country partners have so far foregrounded parametric solutions.
-
GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.
-
The well-known underwriter has held similar positions at Sompo International and Partner Re.
-
The ratings agency said that cat models were not taking into account the full impact of climate change.
-
The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
-
AM Best sees positive market trends in reinsurance including more restrictive terms and better rates.
-
Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
-
The state body supporting earthquake cover has seen risk transfer requirements swell over the past decade.
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The insurer’s net monthly cat losses reached $876mn.
-
The ratings agency said cat activity, Covid-19 and social inflation would play key roles in influencing investor returns.
-
From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
-
European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
-
An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
-
The Scor CEO said that (re)insurers risked being hounded by regulators for selling inadequate products.
-
More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.
-
The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
-
A (Re)Connect panel of 2020 start-up leaders said the Covid lockdowns made for challenges in the build-out.
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“We do need to be careful about exuberance,” the CEO said, warning that complexities such as climate change and social inflation remain.
-
Munich Re board member Stefan Golling said he expected market discipline to continue and expressed optimism about the US casualty market.
-
The targets are part of the “quantum leap” strategy set to be unveiled by new CEO Laurent Rousseau at an investor day today.
-
The ratings agency said that reinsurers were likely to shave several points off combined ratios in 2021 and 2022.
-
In the months leading up to (Re)Connect and the wider conference season, the discussion around climate and ESG has become noticeably more urgent.
-
Reinsurers retained more net income this year, driven by a desire to grow into the hardening market.
-
The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets.
-
A reinsurance panel at Reconnect also called for reform of risk models
-
The Hannover Re CEO said that the issue of mitigation had become “totally dominant” in discussions about the climate crisis.
-
The intensity of recent cat activity in the US, Japan and Europe means the market is positive for reinsurers, the executive said.
-
Reinsurers with third-party capital platforms said to be well-positioned for a return to growth in alternative capital.
-
The Convex CEO said that the reinsurance market was yet to accept the true scale of its Covid-19 exposure.
-
Stephen Catlin, Andy Marcell and Tim Gardner feature in today’s sessions.
-
The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
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The executive spoke candidly about past management issues at the firm and expressed confidence about the long-term health of the business.
-
The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.
-
The agency said its rated insurers were well positioned to absorb significant catastrophe losses, as they had generally experienced capital expansion over the previous 12 months.
-
Capital positions remain strong even in the context of the pandemic, but innovation is required to keep up their position of influence in the global economy.
-
Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.
-
The 19bn-20bn rand claims quantum marks a steep increase from a mid-July estimate of 7bn-10bn rand.
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The feature will allow insurers to explore in real time the most competitive prices for a variety of structures and perils.
-
Proactive price action is enough to keep pace with inflation – for now.
-
The reinsurer is looking to hire in the underwriting, compliance, finance and business administration departments.
-
The carrier has hired also CNA’s Julie Stephenson as global head of casualty.
-
So far, damage costs caused by the California fire are thought to be below $1bn.
-
Despite some rate tapering, the two German reinsurers are expanding premium, as all four carriers enjoyed North American rate increases.
-
The carrier made recoveries on only one disaster event in the past year.
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Geico’s loss ratio jumped by nearly 18 points in the quarter on higher claims frequency, on par with results at personal auto rival Allstate.
-
The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
-
The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.
-
Managers such as Schroders and Fermat capitalised on investors looking for liquid, remote-risk strategies to grow their asset base in H1.
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More than 100 fires have burned through provinces across Turkey, killing eight people as temperatures reach record highs.
-
The Willis Towers Watson CEO also confirmed the broker will not pay out bonuses contingent on the Aon merger.
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The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.
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Reinsurers using Europe primarily as a diversifier to counter risk in peak cat zones are increasingly faced with significant loss events on the continent.
-
The firm has done more business via quota shares than initially planned, but said this gave it access to improving primary rates.
-
The Hong Kong reinsurer said the move was a ‘natural next step’ in line with the company’s diversification strategy.
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The reinsurance contract indemnifies Intact against losses in excess of a £2.6bn retention on losses occurring before the end of 2020.
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The Texas Big Freeze plus an active hurricane season could see losses balloon in 2021.
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CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
-
The analyst said the loss will fall mainly to reinsurers rather than primary carriers.
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The former Verto Syndicate 2689 CEO said the business had come close to raising funds for a de novo start-up before pivoting to an M&A approach.
-
The expansive broker has poached a number of senior staff from Aon as it builds its team.
-
ERS’ recently rebranded (re)insurer IQUW has confirmed the appointment of Stephen Young as CEO for a new Bermudan division, as first revealed by this publication.
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The five reinsurers with the largest shares of the 2020 programme were Swiss Re, Scor, Munich Re, Hannover Re and Lloyd’s carriers.
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The executive stood down from leading Sompo International’s reinsurance business last year.
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Head of crisis management Mark LeBlanc will lead the team.
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The Convex CEO will work with Pool Re’s group that has been founded to explore how the UK can be better protected from systemic risks.
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The European Insurance and Occupational Pensions Authority (Eiopa) gave the projection in its June financial stability report.
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This is the second year the insurer has bought a fiscal-year aggregate.
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The new CEO will work with colleagues across the company to write a “new page of history” for the French reinsurer.
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Showvanik Dasgupta has worked at Beach Re, Tokio Millennium Re and Aspen Re, where he started his career.
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It will cover home, motor and commercial property portfolios across Australia and New Zealand.
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The carrier says several leadership changes will help position the insurer for further success.
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Reinsurance rate increases are tapering off, but the recent influx of capacity will not cause pricing to “fall off a cliff” thanks to continuing market discipline, according to Willis Re’s James Vickers.
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The reinsurer’s new CEO Laurent Rousseau secured 99.54% of shareholders’ votes for the role at a general meeting, while 91.27% backed Denis Kessler as chairman.
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The new broker will sit within Steve Hearn’s capital solutions division.
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Pricing momentum on property and casualty slows, while in Europe a messy legal battle over Covid commences.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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Philip Hough leaves Singapore to focus on his role as global head of property, based in Zurich.
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Sources raised concerns about a consistent trend in claims inflation and the long-term prospects of profitability.
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The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.
-
Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
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Reinsurers are talking about a new era of elevated risks, but their behaviour may signal a more relaxed view heading into 2022.
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The consortium, created with China Re, will later expand to include other lines of business.
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The reinsurer is looking to anchor its UK motor co-insurance and reinsurance capacity with a fully integrated platform for distribution and claims handling.
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Swiss Re acquired its Phoenix stake in 2020 following the sale of closed life business ReAssure.
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US property rate increases are coming in below expectations, although European rates remain on the up.
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Reinsurers from Bermuda, the Cayman Islands and Japan have also provided capital to the syndicate for its 1 July launch.
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Plus, a detailed look at the FCA’s BI claims data and all the most popular news from this week.
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The Lloyd’s CFO said the deal will finance growth at a cost "three times cheaper" than charging members to support the central fund.
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It estimated that 2021 natural peril claims would be significantly more than its allowance.
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Registrations for the event will be limited if necessary to ensure distancing measures can be taken.
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The marine market fears a multi-hundred-million-dollar loss to result from the sinking of the ship.
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The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.
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The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
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The broker’s cyber practice leader Tom Quy will lead the initiative.
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The reinsurer was suing Barclays over its role as adviser to Covea during its failed Scor takeover.
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The deal removes the overhang risk associated with the Covea’s nearly 8.5% stake in the reinsurer.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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A settlement allows the mutual an “orderly exit” from the reinsurer’s share capital and removes a major distraction from incoming Scor CEO Laurent Rousseau.
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Panellists said that improved data around aggregations could attract new cyber reinsurance players.
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The executive joined Aon nearly four decades ago and has held a variety of senior management positions.
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Willis Re CEO James Kent is expected to take on the leadership of Gallagher Re following the completion of the acquisition.
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It was either the top or joint largest investor in each layer of the programme.
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Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
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Plus the implications of the X-Press Pearl sinking and all the top news from this week.
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The broker predicts a “very active” cyclone season over east Asia but forecasts a slightly smaller number than usual will make landfall.
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State-backed carrier GIC Re faces competition as the European Big Four press into the subcontinent.
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Last year it secured just NZ$6.2bn of protection from major nat cat events, as premium spending went up by 11%.
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The covered agreement provisions will ease the flow of US business into London.
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The SIAB has abandoned the project, with no other syndicates currently involved.
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Reinsurers are clamouring for proportional business, while maintaining excess-of-loss rate rises at 1 January levels.
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The executive recently stepped down from Lloyds after steering the bank through the aftermath of the financial crisis.
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Severin Hegelbach is to take a new Brazil-based divisional director role.
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Matteo Cussigh has more than two decades of experience in traditional reinsurance and alternative risk solutions.
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The Chaucer CEO on international expansion, casualty reserving and the long road to price adequacy.
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The association rejects a proposal to buy more reinsurance, citing fears about members’ costs.
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The Week in 90 Seconds: A guide to Gallagher-Willis; Florida renewal look-ahead; Two offshore lossesPlus the insurers on-risk for the Colonial Pipeline cyber attack and all the week’s top news.
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The start-up carrier still plans to write more excess-of-loss business overall.
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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The Tremor CEO spoke to Inside P&C recently, offering an inside look at his company’s Panorama platform.
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The pool, which will cover cyclone and related flood damage from July 2022, is expected to bring down the cost of insurance.
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Aon-Willis, CFC's new Lloyd's syndicate, Talbot's contingency retreat and more.
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Insurance rates in the US rose 15%, while London market pricing was up 10%
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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Indications from Bermudians suggest Covid-19 noise will abate, while early US reporters suggest a slowdown in rate momentum.
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Zurich’s Boston-based global head of cyber risk Lori Bailey is set to leave the business, Inside P&C understands.
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The newly created Insurance Rebellion dumps fake coal on the doorstep of One Lime Street.
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The MGA will cover power, mining, chemical processing industries and public and private building sectors and civil infrastructure risks.
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The move comes ahead of the COP26 climate summit in Glasgow in November.
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The insurer racked up $915mn of qualifying cat losses after winter storms.
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Covid-19 losses of $14bn added 8 percentage points to combined ratios.
-
Acrisure Re has recruited Willis Re executive vice president and 20-year veteran Paul Sperrazza as the employee-owned broker expands its presence in the Midwestern reinsurance market, according to a spokesperson for the intermediary.
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The appointment follows the hire of MS Amlin reinsurance underwriter Dominic Peters as CUO.
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The report also found that reinsurance capital increased by 7% to $658bn.
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Plus an update on the airline insurance market and all the top news from the week.
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CEO Johan Slabbert says the US specialty market offers a chance to balance out the volatility of catastrophe risk.
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The move is to encourage more people to return to the underwriting room and reduce boundaries of entry.
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Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
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The new recruit, a former senior Liberty Mutual executive, put his insurance start-up plans on ice last November.
-
Willis Re data on Florida participants’ deteriorating CoRs and solvency highlights the challenges to be faced at this year’s 1 June renewal.
-
The Week in 90 Seconds: Biometric data and cyber; Greensill collapse; Guy Carpenter’s Priebe on pandemic risk; Texas storm; Marsh McLennan’s Glaser
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The Australian carrier’s quota share will pick up some losses, while 38% of the deductible on its aggregate cover is eroded.
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The reinsurance chief sees no role for the ILS market, as pandemics are "badly defined", with no clear end point.
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Richard Coulson, Richard Holden and Philip Vandoninck will all take on more senior roles.
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The announcement came after Australian Securities and Investments Commission said it had been investigating insurers’ exposure.
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The appointment to the newly created position is the latest of several management changes.
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The Swiss Bank said that the broker did not disclose issues around the supply chain financier’s insurance coverage.
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Plus the latest executives on the move and all the top news from the week.
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Firm order terms reveal an expectation from cedants of price increases between 5% and 10% on flood covers, in line with pricing momentum from 1.1.
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The Dutch institutional investor discloses a 5.2% holding in the start-up.
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The analyst approves of the start-up’s blended reinsurance approach.
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The legacy specialist is balancing its portfolio with select MGA investments.
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The vast Japanese quake programme is to expand for the fifth year running.
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Written comments should be submitted by email by 3 May and the draft methodology is available online.
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A survey from the Bermuda Monetary Authority found almost 60% of P&C insurers have not changed their business strategy in response to climate change.
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$600mn round values Stripe at $95bn making the company one of the world’s most valuable private companies.
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Brian Boornazian will take on the role of executive chairman, with Emil Issavi as CEO.
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The MGA CEO says deductibles in North America need to rise as much as five-fold given an increase in claims frequency and severity.
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The company reports a 41% increase in full-year premium at HDI Global Specialty to EUR2bn.
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Plus the inside story on the Helios Ray crash and all this week’s top news.
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The marine hull and war underwriter will rejoin former colleague Chris Goddard, who launched the start-up last year.
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The key reinsurance gathering may yet go ahead despite Covid-19 uncertainty.
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The hedge fund reinsurer reports an underwriting loss of $1.1mn for the quarter, a fraction of the typhoon-driven deficit of a year earlier.
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The insurer is expanding its programme in line with underlying growth.
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The company has also acknowledged that former Ironshore CEO Kevin Kelley is set to join as non-executive chairman.
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Senior CorSo executive Ashley Hirst will take over innovation and transformation responsibilities at the primary unit.
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The business signals expansion into complementary lines after its 2018 reset bears fruit.
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The four major developments of the week include:
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The deal will transfer legacy Pembroke business that still sat with Liberty Mutual Group for the 2018 and prior years of account.
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The former Arch managing agency director will focus on legacy business, M&A and alternative capital.
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Pressed for time? This selection of articles will bring you up to speed fast:
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The carrier increased US-exposed reinsurance limit by EUR250mn but almost halved its group aggregate.
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The latest loss figure has climbed by more than $300mn in the past year as the pandemic has delayed clean-up operations.
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The executive joins from DXC Technology, where he worked after spending 14 years at Lloyd’s.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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Mathias Neumann was chief underwriter of casualty and specialty at the Japanese company.
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In other appointments David Govrin becomes global CUO and Americas reinsurance president, and Monica Cramér Manhem international reinsurance president.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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This publication outlines five takeaways from Swiss Re’s 2020 results, which revealed a 11% cut in premium at 1 January.
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Plus an update on European (re)insurer results and all this week’s top news.
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The CEO lays part of the blame for the UK’s Covid-19 BI woes at brokers’ door.
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Argo is looking to redeploy capital from reinsurance and into high growth US E&S.
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The new board member has worked for the Agnelli family for over 20 years.
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The local underwriting head steps up to run the Irish operation.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The new recruit led casualty at Neon before the operation was shuttered last year.
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The executive joins after a decade at PartnerRe and will have a dual focus at the broker.
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The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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The agreement will initially focus on political risk and trade credit, energy and property business, with up to $25mn of capacity per risk.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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Also, an update on Lavant, company 2020 results and a round-up of our biggest stories of the week.
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Insurers are taking a “cautious approach”, especially with new risks, but overall capacity is at an all-time high.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
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Robertson will join as deputy group CEO before taking the CEO job, with Michael Watson staying on as chairman.
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The Bermudian expects pricing momentum to continue this year.
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The reinsurer completes its EUR453mn deal for 29.5% stake in French trade credit carrier.
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The appointments follow the promotion of Jeremiah Konz to chief reinsurance officer.
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Event definitions were also tightened at renewals, the broker said.
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The Australian carrier reported a 3% increase in reinsurance spend over the six-month period.
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The start-up changes its business model to selling data structuring and analytics services.
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The carrier predicts Covid’s reinsurance impact will drive market hardening.
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The investor’s largest portfolio company Nexus plans further acquisitions in 2021.
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The French reinsurer reported average treaty price increases of 7.8% in January and predicted rate growth through to 2022.
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Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.
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Offering crop reinsurance is the latest move since Core Specialty launched in November.
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The two PE firms each take a 30% stake in the business, alongside Arch management.
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He replaces Tim Mardon, who recently moved to Third Point Re as global head of property.
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The executive’s hire continues a run of talent that has joined BMS in the past year.
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The carrier plans to publish its first set of results on 23 February, after listing last year.
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Citi, Jefferies and Berenberg laud the carrier’s steep rate increases in specialty lines.
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Michael Yeats will oversee the carrier’s reinsurance offices in Bogota, Buenos Aires, Miami and Sao Paulo.
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The newcomer joins as independent director.
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The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn.
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Bryte has also granted an underwriting binder for its entire corporate property book to Sapphire Risk Transfer.
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Proposed changes intend to improve efficiency of the scheme and increase uptake of flood cover.
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The deal follows an agreement the reinsurance broker reached in December to partner with auction platform Tremor Technologies.
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The executive will move to London from Sydney as part of her new role.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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Maya Bundt says insurers can do more to advise insureds to treat cyber like they would ESG concerns.
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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The Australian carrier centralises its inwards reinsurance operation within the international segment.
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Pandemic recoveries are expected to tail off as cat aggregates are exhausted, while pricing trends are positive.
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Berkley has said it will offer 100% reinsurance protection for clients, or will happily share risk with cedants.
-
Companies with strong brands still fall down on “traditional success criteria”, the InsurTech head says.
-
RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
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His predecessor left the business following his conviction for assaulting his then-partner.
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The CEO said the French reinsurer will avoid court cases where possible in pandemic coverage disputes.
-
Marine insurance and reinsurance are target business areas, the project partners said.
-
CEO Brendan McManus outlines his ambitions following the Apax Partners deal.
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The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
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The organisation will also undergo a strategic review to reassess member support as they work remotely.
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The London-based investor says its 20% stake in the Australian MGA is now worth $10.5mn.
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Insider Hannah Tindal will move from Chicago to London to take the role of D&O head within the London regional unit and Nordic team.
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A bias towards quota share is the well-trodden route for start-ups and while it came with benefits for the class of 2020, there were also challenges.
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RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
-
The Marsh JLT-owned business specialises in cover for floating power and desalination operations.
-
Alternative capital providers have benefited alongside the “class of 2020” with post-pandemic growth, as specialist ILS assets grew 3.7% in the half year to 1 January.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
-
US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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Fourth-quarter lockdown measures will push Covid-related P&C Re and CorSo losses up $400mn to $2.7bn for 2020, the analysts say.
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It is understood the book will be reinsured to close into Compre’s new legacy syndicate once the launch is approved.
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Deployed capacity is recovering and claims were below expectations but ending government support could negatively hit the market.
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The Michael Watson-led business has yet to appoint banks and may not pull the trigger on the move.
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The executive will be replaced by Peter Elliott on an interim basis.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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He will take over from current CEO Rupert Swallow next month.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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Plus a mixed week for Lloyd’s, the asbestos potential of Covid-19 claims and a round-up of our most-read stories from the week.
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The outgoing finance chief will stand down in July but stay on in an advisory capacity until the end of the year.
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But Barclays warns the judgment could result in more substantial loss creep for major European reinsurers.
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Scully fills a gap left by the departure of Steve Hartwig to Ark last year.
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The additional raise takes the carrier’s committed capital to $3.2bn.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The capital supports the MGA’s excess retro portfolio.
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The new classification will allow the carrier to increase GWP and third-party risk.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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Sources warn further unrest is possible and anticipate rising demand for SRCC and even full political violence cover.
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The move follows Axa LM's decision to cease bidding for new external deals, revealed in September last year.
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Last year was a record year for cat bond issuance, with total limit placed reaching $10.9bn.
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Also: take-aways from 1 January renewals, AIG tightens reins on cyber, and more.
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Nick Foden-Pattinson will lead the team, supported by Jeremy Brasier and Tony Key.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The flood insurer cut just under $200mn of limit from its renewal, enabling it to pare back its outlay, although nominal programme-wide rates rose 13%.
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The CEO outlines his vision for the start-up in a full and frank interview with this publication.
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Second- and third-event retentions rise from the year-ago arrangement.
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The executive has become a partner in the broker’s structured solutions team.
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The expansive broker sees an opportunity in a highly consolidated reinsurance market.
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The broker reports mid-single-digit to low-teen rate growth on non-loss-impacted US programmes.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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Reinsurers achieved limited price increases in the late and complex renewals.
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Key themes included new capacity, a more buoyant retro market than expected, drawn-out amendments to exclusionary wordings, and quota share demand.
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Loss-free accounts are repricing by high single digits but the real battle is over terms.
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The Arch Worldwide Insurance chief will take up the new position on 1 January.
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Founding CIRCA members include Greenlight Re and Barents Re, as well as Knighthead and Nassau Re, whose senior executives take chair and vice chair roles.
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Major consolidation laid the ground for current new launches, the Conduit chairman suggested.
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The carrier said there were plans to grow the team further and its US and non-US sides would be merged.
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The regulator said that the Own Risk Solvency Assessment should take account of Covid-19.
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The broker said that it expects double-digit growth for most property syndicates for 2021.
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Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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Insurers will provide risk management expertise and capacity to aid the global distribution effort.
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The portfolio is mostly made up of third-party liability motor business.
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The partnership will roll out over the next 12 months and will write a range of admitted property and casualty lines.
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Other key hires include Marc Bearman as head of specialty for marine and energy and Andrew Smith as CRO.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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David Gallagher has left his role, after more than 26 years with the business.
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The majority of the $3.1bn reinsurance tower switched to a two-year deal last year.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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Insure Our Future said Lloyd’s proposals were a step in the right direction, but must be implemented faster.
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Fellow founder Will Thorne will take over the leadership responsibilities and manage its second fund.
-
The CEO called reinsurance an incumbents’ market, despite the influx of new capital.
-
Regulators, investors and activists are monitoring the (re)insurance sector increasingly closely.
-
California blazes including the Glass Fire have driven up the estimate considerably since September.
-
Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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The legacy transaction is the first undertaken by The Carrick Group since it was launched last year.
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The client tool will provide real-time data on pricing, profits and claims.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
-
The data and analytics head said investment strategies still hadn’t changed radically despite suboptimal returns for more than a decade.
-
Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
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The regulator says it wants a clear position on the issue as soon as possible after the Supreme Court ruling on the BI test case.
-
The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
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Both storms had landed in the country as category 4 storms within a two-week period.
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The North America property underwriter joins from Markel alongside a slew of former Hiscox colleagues.
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The reinsurer was placed under review in March amid turmoil in its management.
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In its 2025 strategy, the carrier flagged “ample” opportunities in reinsurance and plans to expand in US specialty
-
The leading reinsurer pledges to boost earnings per share by 5% annually within five years.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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The ratings agency said supply-demand dynamics had improved, but thinning reserve cushions could prove a headwind to companies.
-
The milestone for the Neil Eckert-led start-up comes just days after raising $1.1bn in an IPO.
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The appointment reflects a diversification push at the carrier.
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The US carrier has offloaded a tranche of liability business written out of London.
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Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
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Other listed insurers lose ground in London trading.
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The executive will work as a business development manager, raising awareness of the need for coverage.
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New (re)insurance ventures seal financing and secure top talent ahead of the 1 January renewals.
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The executive will lead the retrocession and property specialty segments.
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Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.
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The latest appointments include former Markel property head Peta White and former EY partner Gail McGiffin.
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One top-tier broking source claimed that across the market, claims were being settled in two-thirds of the usual time.
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Reardon, Dudek and Roberts are all set to be reunited with former colleagues including Jeff Clements.
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The deal will help the Aquiline-owned syndicate diversify away from motor insurance.
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The executive will join on 21 December as an international cargo team leader.
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The MGA will write business under the Co-op brand as part of a 13-year partnership.
-
Wrangling over the award of Petroecuador’s 2021 cover has left reinsurers unsure of which primary carrier and broker to back.
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Based in Zurich, the former Schroders executive will become senior property underwriter for France, Benelux, Iberia and Africa.
-
Shazia Aslam Rafique has worked at LSM since 2003 and has over 21 years’ experience in the industry.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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The latest hire follows the appointment of fellow Guy Carpenter marine and energy broker Andy Massingham last month.
-
Wickens replaces Andy Coleman, who left in September to join MGA OneAdvent.
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The new vehicle has hired ex-Aon Benfield UK chief David Ledger as non-exec chair.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
-
David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
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Former Starstone Group president Richard Sanford takes over the executive role on 1 January.
-
The club reported a combined ratio of 102.2% for the first half of 2020, and an underwriting deficit of $2.2mn.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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The court finds no “justifiable doubts” around the arbitrator’s impartiality after the US oilfield services company alleged bias.
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The latest recruit is returning to Swiss Re after five years.
-
Joint research finds that remote working has challenged the London market’s ability to innovate commercially.
-
The Convex CEO also outlined difficulties facing the pandemic working group.
-
The appointment follows the addition of Lockton’s Allison Hollern to the John Hopper-led financial lines team.
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The insurance regulator suggests Solvency II reforms should include a provision to ban shareholder handouts in times of crisis.
-
The investment consortium has also finalized an operational partnership with Apollo Syndicate Management.
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Steven Kent, who worked at the carrier for just under five years, has joined GFG Alliance as CUO.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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Brokers are navigating a market where new capacity from underwriters who have waited out the soft market may help dampen price rises.
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The Floridian carrier has agreed terms for a new reinsurance treaty that increases its cession rate by eight points to 30.5%.
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Ada Capital will underwrite on behalf of new special purpose insurer Ada Re.
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Sources said that the carrier’s equity raise was the more efficient path to securing growth capital.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The start-up envisages expansion into insurance “in the coming years”, AM Best said.
-
The executive takes over from Peter Welton, who was made UK & Lloyd’s CUO for marine, energy and aerospace earlier this year.
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The SPA’s main capital provider did not give a reason for the decision but the syndicate has not turned an underwriting profit since inception.
-
The carrier said its new EUR750mn funds from Covea would help to reduce financing costs.
-
Court rules policy exclusions referring to outdated law not valid.
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The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
-
The reinsurer was launched in September with backing from Helios Investment Partners.
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Agis Kitsikis succeeds Stefan Behr, who has become head of business development for EMEA.
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Existing capacity relationships include those with Aviva and Tokio Marine HCC.
-
The week also saw Cinven agree to buy Miller from Willis Towers Watson.
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The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.
-
The new paired entity will allow the company to grow its reinsurance business, starting with a deal covering $10bn of annuities.
-
The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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Managing agent Coverys attributes the decision to the syndicate’s performance.
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The executive has worked at Axa XL and legacy XL Catlin since 2011.
-
The move comes as Markel Re closes down its independent cat reinsurance underwriting.
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The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season.
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Guido Benz will join the business next spring and report to Lee Meyrick
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The executive will join as a senior property broker in the UK & Ireland and specialty casualty team.
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The 1 January renewal will be a battle for the biggest slice of post-Covid upside.
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The company’s reinsurance result took a hit from $113mn of Covid-19 claims and $308mn in losses from hurricanes Laura and Sally.
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The carrier says its programme performed "as expected" but it anticipates needing less cover in the future as it seeks top line growth.
-
Also more on the Ariel deal, RSA faces break-up and highlights from our London Market Live conference.
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London Market Live panellists insist (re)insurance clients value stability and longevity over cheap capacity.
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The experienced broker had been freelancing for almost two years.
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Profits slipped 77% but CEO Jurecka said he was optimistic about the firm’s underlying performance.
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The carrier’s year-to-date pandemic losses in P&C re hit EUR2.1bn.
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CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurer bolsters P&C re Covid-19 reserving by EUR100mn in the third quarter, taking the total to EUR700mn.
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Hudzik is a thirty-year plus veteran of the (re)insurance market having also worked at Endurance, Zurich and AIG.
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Ariel Re will focus on key lines of business, including cat, retro, marine and professional lines.
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CFO Dacey also highlights P&C re reserve strengthening after significant aviation loss deterioration.
-
Plus more on the Miller sale, a run-down of executive moves and our most popular news stories of the week.
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The reinsurer warns of pandemic-related uncertainty and adds another $500mn to Covid claims and reserves, taking the total to $3bn.
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The insurance industry should use the wake of the pandemic to “build back better” says the Axa CEO.
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Net investment income grew by 54%, which partially offset an underwriting loss.
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Asian reinsurer looks to expand as prices increase.
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The former Aon retro broker joined the firm several years ago.
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Manders had been with the company since its launch in 2005
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The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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Mike Connelly was previously The Hartford’s specialty commercial CFO.
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The carrier says higher retro renewal costs will act as a counterweight to rising rates.
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CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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The hedge fund reinsurer offered to merge with Sirius in May 2018, before the company’s listing on the Nasdaq exchange.
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Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
-
The former Verto Syndicate 2689 deputy active writer parts ways with Peter Mills' start-up.
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CEO Michael Pickel says Covid-19-related losses and the low interest rate environment have made price increases “absolutely essential”.
-
The European reinsurance chief says interest rates and loss experience drive the carrier’s hardening stance.
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Backing comes from industrial investor Ajay Kumar through his family office.
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Some reinsurers pulled quotes as the shock waves of ~$650mn of creep reverberated.
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With the announcement of a tiered system of Covid-19 restrictions in the UK this week as cases continue to rise in various regions, it is clear the government is fighting fires on every front.
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Jon Warner will join early next year as senior account manager.
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The Japanese reinsurer already offers P&C cover out of its Zurich subsidiary.
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The expansive broker continues to upsize its team in London following the appointment of Dominic Riley.
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The reinsurance CEO says Swiss Re will cut back its US casualty share.
-
Anson Aguiar becomes CUO of the just-launched Pallas Reinsurance.
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
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The venture is led by Guillermo Eslava, a former Swiss Re and Brit underwriter who briefly joined Argo in 2019 as head of LatAm casualty.
-
The reinsurer dubbed "Vantage" also secures Aurora Swithenbank as CFO.
-
Government shift to immediate priorities and the complexity of the issues prompt a pause.
-
The 50:50 joint venture will sell automotive and mobility insurance products, starting in France next year.
-
The former GL leader takes up a New York and Connecticut role.
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The expansive ILS firm is likely to look for debt funding to remain staff-owned.
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Liability account move is latest development in ongoing reinsurance buying overhaul.
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The move will allow Markel to leverage Nephila's position and generate operational efficiencies, co-CEO Richie Whitt said.
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Former Markel underwriting executive Trevor Carvey will also be part of the leadership team.
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The carrier will use the proceeds of the offering for general corporate purposes.
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The executive said the market has had “a really poor stretch” of earnings.
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The alliance will initially focus on the machine tools and transportation industries.
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The CEO said future uncertainty and the “enormity” of corporate debt posed a significant challenge for the insurance sector.
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The changes move away from a management structure built around types of business.
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Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
-
Also more on London market stress, Watford in play and some rare positive Covid-19 news.
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Analyst Philip Kett suggested that the carrier has "adequate but not comfortable levels of capital".
-
The Bermuda carrier will be an initial investor in Griffin Highline.
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The short-tail lines specialist is to depart after 15 years.
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The investment relations head will also join the group executive committee next month.
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The new hires join as CFO and COO under recently arrived CEO Juan Andrade.
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The executive’s departure from the Willis Towers Watson merger partner follows that of other casualty reinsurance colleagues.
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EMC and Church Mutual turn back to reinsurers after devastating wind losses.
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The company listed on the Nasdaq in March via a reverse merger with Tiberius.
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BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
-
Two executives are promoted as CUO Ángel Rosa departs to lead Verti Germany.
-
The carrier unveils a carbon management strategy to tackle climate change.
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The funding will be used to introduce new features and grow its team.
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All employees received a one-off special bonus in June using the company’s unused travel and entertainment budget.
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The Zurich-based Munich Re subsidiary replaces Renate Strasser.
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The broker said that club members had suffered in both a business and personal sense during the pandemic.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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The reinsurance convention will take place between 11 to 16 September “subject to the health situation”.
-
Reinsurers' response to pandemic-related BI claims came into focus, while start-ups continued to be spawned and takeover deals pursued.
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The executive is to take over all global insurance lines including AGCS and Euler Hermes.
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The two biggest reinsurers are said to be taking up a leadership role as the market starts to address the T&Cs challenge.
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Firms will not cover their cost of capital this year, though capital positions remain robust.
-
Watford is reportedly evaluating a bid from Arch amid heightened pressure from shareholders to pursue strategic alternatives.
-
Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
-
Market identifies TigerRisk and Gallagher Re as key contenders for mid-market position.
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Collateralised capacity will retain an important role in the retro niche.
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Hurricanes Isaias and Laura produced the bulk of losses for the insurer, which is drawing down on an aggregate cover.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
-
The Peter Scales-led vehicle is reunited with the private equity house.
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The two CEOs say the combined entity will focus on emerging risks, new forms of capital access and “under-served” pockets of the market.
-
Lockton Re and McGill and Partners argue clients will look for more choice after the Aon-Willis merger.
-
Experts on a (Re)Connect panel recommend future backstops must ensure policyholders, governments and insurers have “skin in the game”.
-
All the pieces were in place for real rate improvement, according to Steve Arora, CEO at Axis Re.
-
The appointment is the latest in a string of hires at the expansive broker.
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The underwriter has over two decades of experience and worked in origination and analytics at NewRe.
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The former Verto CEO is fundraising to begin writing as an MGA in 2021.
-
The insurer could have total gross losses of more than EUR500mn, according to a French publication.
-
Who is raising it, how much it will cost, and how best to use it – a round-up of the key points from the second day of (Re)Connect virtual conference.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
-
The expansive reinsurance broker continues its recruitment drive.
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No one business is likely to make a significant impact unless it has $7bn of capital or more, the Everest Re CEO said.
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The CEO says recent trends are affirming the assumptions made before the carrier’s $1bn equity raise.
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The (re)insurer would, however, consider a culturally compatible merger if the opportunity arose, the chairman and CEO said.
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The debate over how far Covid losses will escalate is not the only key to January renewal dynamics.
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We round up the biggest themes from our five-day virtual conference, which welcomed 2,600 delegates this week.
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In a (Re)Connect discussion, panellists said outcomes varied significantly by line and territory but capacity supply was more constrained heading into 1 January.
-
The appointment follows a number of senior departures from Aon’s reinsurance ranks.
-
Insurance Insider wraps up some of the key themes from Day 1 of the (Re)Connect conference.
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The reinsurance CEO says clients expect a “broad spectrum” of advisory services.
-
The carrier participates in payout schemes to policyholders despite doubts over coverage.
-
The reinsurer’s CEO predicts two “very good years” as the rate environment improves.
-
The Hannover Re CEO forecast that rate momentum will grow from levels set in mid-year 2020.
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Cyber crime and other potential system hazards should be proactively addressed.
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The reinsurer says US property catastrophe rates are now “satisfactory”, with more upward pressure to come.
-
After a period of churn in the market, further turnover is expected as start-ups get underway.
-
The executive says a time lag for start-ups to achieve profitability would favour incumbents.
-
The reinsurer, like other carriers, is currently excluding the peril from events cancellation cover.
-
The move follows Third Point’s $788mn takeover agreement for the (re)insurer.
-
Retro drawback and concerns over performance in some lines will temper some expansion, say execs.
-
Covid losses, lower premiums and low interest rates may impact performance in 2020 and 2021, the agency warned.
-
The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.
-
Piccolomini and South pick up Advisory, while Clarke will head up global placement.
-
Smaller reinsurers and Lloyd's carriers will be more impacted than global top-tier firms, the broker forecast.
-
Megan Thomas will replace David Brown, who took the interim role on the departure of Kathleen Reardon last month.
-
Net profit at the open market arm of the French state reinsurer rises 71% to EUR29mn on tax tailwinds.
-
The ratings agency says reinsurance resilience is “starting to crack”.
-
The move by the founding shareholder follows activist investor pressure on the reinsurer.
-
The carrier reports lower-than-expected life claims linked to the pandemic.
-
The international chairman says poor investment returns will drive push for rate adequacy.
-
The Bermudian manager is looking to broaden its platform.
-
Sources also identified Arch and Hampden as participants in the accelerated auction.
-
Covid-19 losses and other catastrophe events have exhausted the catastrophe budgets of many companies, the ratings agency said.
-
The industry is not yet in a hard market, said group CUO Thierry Léger.
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Warren Berkstresser will focus on US property treaty and specialty programs and open and run the broker’s new Seattle office.
-
The transaction covers casualty reserves for the 2009 to 2017 years of account.
-
Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
-
CUO Golling calls for government-backed national pools with parametric triggers and mandatory coverage.
-
The carrier will also take low triple-digit-million euro hit from Laura, Hanna and Isaias.
-
The start-up broker adds Aon’s Simon Coles and Stewart Smith to its growing reinsurance unit.
-
The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
-
Gallagher reinsurance unit hires second key broker from Aon in a fortnight.
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The deal covers subject premium of around $2bn and will run for 18 months.
-
The carrier targets liability growth in 2021 as pricing hardens.
-
The top 10 carriers continue to write the lion’s share of global premiums.
-
Typhoon Haishen is following in the wake of the storm, and is currently forecast to approach South Korea at Cat 4 strength
-
Fundraisings mitigate Covid-19-related capital pressure, the rating agency says.
-
Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
-
The name change follows Gallagher’s January buyout of the outstanding shares in the company.
-
The Farm Bureau programmes feature strong Lloyd's participation, while depop carriers are ones to watch.
-
The reinsurance broker said mid-year excess capacity was at its lowest point since 2012.
-
An early view of Hurricane Laura damage, more pain in store for Lloyd’s, and continued capital raising activity.
-
The marine and composite broker is understood to have placed portions of the IG’s reinsurance programme.
-
The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen.
-
Stinging energy losses could be added to a slew of painful marine and aviation losses in August.
-
Storm surge losses are expected to remain under $500mn.
-
The state insurer of last resort buys cover from a much lower-attaching level than its Texas peer.
-
The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
-
Alternative reinsurance capital fell by 2.7% in the first half of the year, as Covid-19 uncertainty weighed on the market.
-
Sources estimated combined property and crop claims could reach $4bn up to $10bn.
-
The research firm puts average Covid-19 losses as a percent of net earned premium at 4.4% in the first half.
-
-
Australian carrier’s expanded reinsurance structure kept net cat costs at A$820mn.
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Waterdrop has been valued at nearly $2bn in the funding round.
-
Owner Tawa had in 2015 made a failed attempt to sell the run-off business, whose book includes asbestos and other health liabilities.
-
The beleaguered carrier raises $380mn through the sale of new stock.
-
The new arrival will be an executive committee member and report directly to president and CEO Peter Hearn.
-
Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
-
The research firm says the pandemic will become the leading example of “silent” coverage uncertainty.
-
Sue Ringold and Bill Orendorf will join Roman Romeo’s team in Bermuda.
-
The Bahraini carrier takes action following H1 losses and governance concerns.
-
The executive joins after 15 years at the Fairfax-owned carrier.
-
Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
-
Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
-
The group’s combined ratio improved by 9.5 points to 95.9%.
-
The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget.
-
HDI Global Specialty drives premium growth in the division.
-
Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
-
The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
-
Third Point Re said the deal would also “turn the page” on its days as a hedge fund reinsurer.
-
-
RFIB colleagues Xueyang Wang and Steve Chung will also join the executive at RKH.
-
Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
-
The carrier booked higher natural catastrophes and loss deterioration on its crop book.
-
The London market business booked the majority of its Japanese parent’s fiscal Q1 Covid-19 losses.
-
Former HDI finance chief Jungsthöfel will be replaced by Christian Hermelingmeier.
-
“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
-
The executive joined the company last year from Swiss Re and has also worked at AIG and Willis.
-
The carrier’s top team says price increases are now spilling over into loss-free lines and regions.
-
Investors react after the carriers’ group earnings almost halve year on year.
-
Reinsurance, crisis management and art and specie are areas of opportunity, according to the Axa XL chief.
-
The Lloyd’s business is looking to raise $800mn of new equity and $200mn of debt.
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This week we discuss the impact Covid-19 trapped capital is having on the retro market and the surprise investment partnership between Covea and PartnerRe.
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The carrier is also honing its focus and redeploying capital under new CEO Amanda Blanc.
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Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half.
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The carrier cancelled its share buy-back plan in order to reinvest capital into reinsurance growth.
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Group operating profit fell 84.4% in the quarter after pandemic claims and a series of large losses.
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Sources told this publication that the carrier could be mulling an open market entry.
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The company confirmed it had bought $500mn of additional catastrophe aggregate.
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The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor
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The carrier cut its exposure significantly in the first half of the year as the firm reassesses its view of risk
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Former Axa XL property treaty head Catherine Turner will co-lead the unit with Richard Evans.
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The departure comes after a 21% contraction in GWP at the unit in H1.
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The group reserved $232mn for Covid-19 related claims and cut back on its Re & ILS GWP.
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FCA BI case hearing closes; Covid crushes carrier results; Convex and Whitespace fundraises.
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Group margins expand by 240 basis points as the group slashes expenses.
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This week the team looks at the prospects for Convex’s new capital raise as well as the CEO transition at PartnerRe.
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The company says the bulk of the pandemic hit came in the first half as it predicts a “manageable” impact.
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The CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
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Guy Carpenter achieves 9% underlying expansion, while group organic revenue shrinks 2%.
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The incoming CEO plans growth in retro, cat and property per risk as pricing improves.
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From 17 August all of the facultative (re)insurance and specialty content hosted on Inside FAC will be moving to our reinsurance and London market title, Insurance Insider.
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Project is in its early stages, with a round of meetings held to stress test it with PE firms.
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Analysts had expected the carrier to make a first-half profit, but reserve deterioration and higher Covid-19 claims impacted results.
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The carrier reported a combined ratio of 106.9% as it absorbed Covid-19 losses mainly from its property book.
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New rules also aim to prevent an overreliance on reinsurance and to encourage cedants to use multiple risk partners.
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Corporate travel restrictions played a large part in the decision to cancel the October conference.
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After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
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The EUR22.3mn loss follows a EUR29.4mn loss in the first quarter.
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Lockton Re has hired Graham Barden from Guy Carpenter as chairman of its aviation and aerospace practice.
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The executive will take on a managing director role and be responsible for all of Barents Re SA's operations, including London.
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The broker returns to Lockton as the company continues its hiring spree.
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The Australian carrier lifts its guidance on natural catastrophe claims to A$904mn ($644mn) from $850mn.
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The French reinsurer guides away from an equity raise as it predicts further rate hardening.
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The insurer is close to attaching a $280mn aggregate reinsurance deal.
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Ex-Novae deputy CUO to become active underwriter at Syndicate 2358.
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Insider promoted after 10 years’ service.
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The carrier reports stronger than expected GWP growth and renewal rates expansion of 11%.
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The carrier's P&C unit swings EUR111mn into the black in Q2 as the combined ratio deteriorates 17 points.
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The ratings agency said the carrier will be “challenged to improve its underwriting performance in the short term”.
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The consortium plans to offer cover triggered by WHO public health emergency declaration.
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The executive makes the move after almost five years at Aon.
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Guy Carpenter has made further hires to its facultative division, GC Fac, with the appointments of three senior executives within its property fac segment.
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The Irish entity created for Brexit seeks authorisation on the island.
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Guy Carpenter has launched a new hybrid solutions division within its facultative operation, GC Fac, and has hired Laurence Upton from Willis Towers Watson to lead the new unit.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
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Guy Carpenter has confirmed the appointment of Henry Lawrence as head of US facultative business in its UK office.
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Carlo Bewersdorf joins from Hannoversche Lebensversicherung as the white-label digital insurer prepares to become a standalone business.
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The LPT could help make the E&S writer a more attractive takeover target.
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After losing its A- status, GIC Re faces the potential for lost business and a hard road to recovery.
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The template could become a blueprint for a post-Brexit deal with the EU.
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Syndicates have collectively requested around £11bn in new business for next year as market conditions improve.
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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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Over four fifths of (re)insurers surveyed before the Covid-19 pandemic incorporate ESG into asset allocation, the asset management arm of the US bank finds.
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The broker has made a number of recent hires, including in the energy division in London.
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The InsurTech will close its own book of insurance business and work to develop Direct Line Group’s technology offering.
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The executive director of treaty could depart in October, sources suggested.
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The latest defection continues the stream of talent exiting the broker for Guy Carpenter ahead of Willis’ merger with Aon.
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It is expected that changing reinsurer appetites could fuel further rate momentum in the primary market.
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The total return player trades at only around 40 percent of book value when marked-to-market.
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Activist investor Voce had previously criticised the performance of the firm's international businesses.
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The executive crosses over after spending his entire 30-year career at Willis as dislocation from the broker's takeover deal with Aon begins in earnest.
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The market hones its US focus on reinsurance and surplus lines.
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The settlement prevents insurers from pegging claims developed over years of exposure to a reinsurance policy year of their choosing.
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US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
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Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
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The leadership shake-up comes after Gallagher completed its purchase of the company in January.
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The e-trading platform’s usage has surged since the insurance market began working remotely.
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The Northeast P&C insurer said it is expecting AM Best to review its financial strength rating in response to the cutback.
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The German insurer has placed a new EUR200mn worldwide cat agg deal.
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Data standardisation and tech investment could ramp up the industry’s understanding of cross-class events, says Karen White.
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It will have a maximum line of over $20mn and allow members to adjust lines on a risk-by-risk basis.
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The long-serving executive is to depart as clutch of other Australia-based staff resign.
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A round-up of recent news on insurance technology initiatives and start-ups.
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Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.
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Consultation on amount of premium ceded and how much liability the state will shoulder has caused delays.
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Rate increases should continue but may be increasingly fragmented by January 2021.
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The move comes as the rating agencies show signs of an increasing willingness to take negative actions.
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Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
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The move comes as a broader range of better performing syndicates are told they can “file and use” 2021 plans.
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Lockton Re has hired Anthony Izzo as a senior broker in its New York office, reporting to Nick Durant, CEO of North America.
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The investment hit to the industry has nearly been erased, while capital raising is approaching the scale set by the class of 2005 start-ups.
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The broker’s global P&C hub has given clients a single access point for Bermuda, London and Singapore markets.
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The licence makes it the first Shanghai-based reinsurance subsidiary and the first foreign-owned reinsurance subsidiary in China.
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There is only ‘limited validity’ in comparing the Covid-19 losses to those experienced in 2001, the report said.
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Willis Re's head of international says retro buyers are finding alternative levers to manage their capital as the market hardens.
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Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn.
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Capacity remains adequate but the focus on returning to underwriting profit is driving up rates.
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The two-tranche deal will provide US storm and Canadian quake cover.
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Sara Steiner joins from RenaissanceRe, where she was most recently vice president of casualty treaty.
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The group says Stephen Catlin’s steering group needs to go further.
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Carrier will not publish profit target for 2020 after March withdrawal.
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Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
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The vehicle will give the legacy acquirer easier access to growth markets in North America.
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The government pledges immediate changes to the financial services rulebook as the end of the Brexit transition period looms.
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The firm has unveiled a range of measures in support of the Black Lives Matter movement.
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Underwriters point to gentle rate increases at mid-year but expect dramatic turn at 1 January.
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The launch will mark the third follow-only syndicate in the works within the Lloyd’s market.
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Scott Mackie reports to property treaty SVP Richard Mairano.
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The regulator also discovers a “patchy ability” to assess cyber risk in the 2019 exercise.
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The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
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The cover, which is stable from 2019, was brokered by Aon.
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The Apollo subsidiary expects to deploy about $1.2bn over the next 12 to 18 months.
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Willis Towers Watson’s global head of broking for natural resources, facultative, James Goodwin is to join Guy Carpenter’s facultative reinsurance division (GC Fac).
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Markel International has cut back its personal accident, contingency and entertainment (PACE) portfolio, within the wholesale operation, to concentrate solely on entertainment business.
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The early renewal approach has been met with opposition from Lloyd’s reinsurers.
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Carrier says it will propose new CEO well in advance of 2021 AGM.
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Antares Underwriting CEO Joe Battle and head of ceded reinsurance Richard Anson are expected to leave the firm following a strategic review of the business by parent company QIC.
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Uniting our offerings for the US market will create a solution with unrivalled breadth of coverage.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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The activist investor has called on the Scor board to consider a merger.
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Far Horizons Capital is also suing JP Morgan for misrepresenting the reinsurer’s prospects when it was founded.
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The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
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The first-time financial strength rating comes with stable outlook.
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The London chief seeks leadership positions but may contemplate pivoting most of Syndicate 1955 to follow.
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Executive says he has “never seen Fairfax shares sell at a bigger discount to their intrinsic value”
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Sirius’ ownership and governance structure still creates scope for progress to signing to be complicated.
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The action follows news last week of a $610mn capital injection from PE investors into the US operations.
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The week was dominated by a news of a flurry of fundraises and a buy-in from two former Validus execs.
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The legacy transaction will cover loss development at the carrier's operations, including its E&S business.
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While many brokers are embracing clearing platforms, some firms feel threatened by the technology.
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Marine liability, specie, terrorism and general aviation have been identified by sources out as better-performing areas of the business.
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Bisset has worked at Aon and legacy entities for more than 20 years.
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ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
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The 3.6 percent discount to the undisturbed share price is the narrowest of the recent stock issues by the London-listed specialty trio.
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InsurTech details fac, proportional and per-risk cover in IPO filing.
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Stuart Bridges and Russell Merrett are also working on the venture, with Evercore retained.
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Market entrepreneur profiles potential acquisition targets and starts capital discussions.
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The underwriter will be responsible for the strategy and underwriting of the business segment.
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Hannover Re’s Henchoz elected vice-chair of the 12-company-strong forum.
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Guy Carp, Aon and TigerRisk are among the intermediaries that have submitted bids.
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The carrier only bought $620mn of new private reinsurance limit as it didn’t want to lock in multi-year cover at current rates.
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The spectre of wholesale trapping of capital ahead of 1 January is further dislocating the market.
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Wiltshire will focus on London market reinsurance whilst Titcomb will conduct marine business.
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Carlyle-backed broker buys Munich-based reinsurance business.
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The deal was announced in November last year, setting Fortitude Re on the path to independence.
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The Swiss carrier will take a 1.5 percent stake by buying into a London global depositary receipt listing.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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The broker says that the industry could help provide resilience against global outbreaks.
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The broker said that delaying the set-up of public-private partnerships would hinder economic recovery.
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The Florida-based insurer’s spend rose by 17 percent to $262mn.
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Shares in the carrier rise more than 4 percent in the New York morning.
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The carrier retained more risk in the first layer of its programme.
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The executive steps down after 14 years but will work as an adviser to the Hannover Re parent.
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The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
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The company is targeting more than four-fold growth in program GWP and Ebitda at the unit of over $50mn by 2022/23.
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The carrier lifted its level of multi-year cover.
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JC Flowers vehicle targets specialty retail, US wholesale and reinsurance in relaunch.
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Aon's Julie Page, Marsh's Chris Lay, former Home Secretary Amber Rudd, and ABI chair and Allianz UK chief Jon Dye join the initiative.
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The German reinsurer’s performance “will decline” this year amid Covid-19 turmoil.
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The carrier says the response and recovery after events could be hampered by Covid-19.
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The probe will address investor Squadra’s complaints.
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Carrier notes property policy BI does not usually Covid-19.
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Organisers want more time while regulations on mass gatherings are finalised by local authorities.
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Hannover Life Bermuda chief Cardinez has been promoted to the role.
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The carrier said advice given by European regulators on carriers’ response in the crisis was a key factor in the decision.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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The Digital Partners CEO says funding struggles among small InsurTechs present acquisition opportunities for the carrier’s larger partners.
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The expansive broker adds another former JLT Re executive, intercepting Martin Stephenson’s move to Aon.
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The parent group predicts a 14bn yen ($130mn) impact in the 2020/21 year from Covid-19, rising to 30bn yen in a worst-case scenario.
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The Californian insurer said rising reinsurance costs were digestible.
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The London Matters report finds EC3 lost reinsurance market share between 2015 and 2018.
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Use of private deals and differential terms marks a renewal that Covid-19 has swung in reinsurers' favour.
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The executive was believed to be in line to succeed CEO Mark Cloutier.
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The ratings agency predicts an aggregate 2020 combined ratio of between 101 percent and 105 percent, and possibly higher.
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Cedant buys a cat programme excess $550mn, but also has significant inuring reinsurance.
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The reinsurance unit took almost half the group’s EUR53.8mn in Q1 claims related to the Puerto Rico earthquake.
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The companies will target facultative and treaty reinsurance in lines including property cat and construction.
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The carrier opts not to pay a dividend for the six months ending 30 June.
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The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.
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Covid-19 industry losses, Insider US highlights, Charman on the record and the lowdown on Brit’s new syndicate.
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Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.
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Citizens plans to source $1.4bn of reinsurance limit for its coastal account, up from $1.27bn last year, as more of its multi-year cover elapses.
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The Lloyd’s market loss is expected to absorb up to $4.3bn of this loss.
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The broker says shareholders’ equity fell by 6 percent on average in Q1.
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Isaac Espinoza will also be tasked with exploring possibilities of Root writing reinsurance or retro business.
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Euler Hermes, Atradius and Coface collaborate with state agency Export Development Canada.
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The move comes after AM Best last week cut the carrier’s FSR to A.
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The executive says carriers have not underwritten or priced for statutory developments.
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Reinsurers lift price expectations while cedants come to market ready to make concessions.
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The CFO says there is too much uncertainty to make predictions on final insured loss figures.
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The carrier predicts a “financially manageable” impact from Covid-19.
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The Hannover Re parent’s primary business took under a third of the losses, with reinsurance taking a EUR220mn hit.
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Most of a EUR973mn man-made loss bill emanated from contingency claims related to the pandemic.
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The carrier’s combined ratio worsened by 9.9 points to 98.6 percent although it reported better-than-expected results.
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The Floridian insurer said previous reinsurance rates were not sustainable for its partners.
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Britt Reiss joins as Bermuda partner and director.
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The insurer added $121mn to its catastrophe treaty, covering it for up to $5bn of losses.
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CEO Jean-Jacques Henchoz highlights structured reinsurance as an area of brisk demand.
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Operating profit within the P&C reinsurance division falls 8.9 percent in the quarter.
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Shares in the carrier rise close to 8 percent in early trading after it prices the placing at a modest 6.1 percent discount.
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Sharry Tibbitt moves into the role from her current post as vice president of treaty underwriting.
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The carrier’s solvency ratio falls 65 points to 367 percent.
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The unit’s former chief will work alongside current CEO Chris Beazley.
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Jeffrey Ryan joins effective immediately, and will report to specialty CEO Greg Haft.
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Covid claims would lead to a 106% 2020 combined ratio, the ratings agency says.
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The broker lifts its operating margin by 2 points as reinsurance solutions expands 9 percent on an underlying basis.
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The carrier continues to cut premium as part of remedial efforts.
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The petition to the UK Chancellor of the Exchequer comes as insurers and clients continue to dispute coronavirus BI pay-outs.
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Hotel cancellation fees will be suspended until 31 May.
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CEO Dan Glaser highlights the firm's resilience amid the pandemic.
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The carrier stands by 2020 combined ratio targets assuming Covid-19 claims are stripped out.
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CFO Dacey expects increased demand and firming pricing in wake of pandemic.
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Aon’s Phillip Mallon joins the North American team and Neon’s Freya Foxall moves to the international P&C team.
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The (re)insurer's renewal price index demonstrates growth of 8 percent, as the top line expands by 12 percent.
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The pandemic makes a $476mn dent in group underwriting as Corporate Solutions sinks further into the red.
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The reinsurer’s P&C chief says primary carriers are looking to protect capital because of the pandemic.
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Berkshire Hathaway, Fairfax and Markel sustained biggest falls in investment value.
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The CEO says mandatory retroactive BI payouts would be “incompatible with the principles of the rule of law”.
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Citigroup and RBC note the reinsurer’s strong solvency position.
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UBS and Peel Hunt note uncertainties around the (re)insurer’s BI exposure.
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The reinsurer beats earnings forecasts and says Covid-19-exposed lines account for a small slice of premium.
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The carrier insists its capital position remains robust and it is well-placed to pay expected Covid-19-related claims.
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Group CEO Juan Andrade will assume oversight of the expanding insurance arm.
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The executive rejoins Tom Milligan, a former CEO at the Bermuda reinsurer, as partner at the (re)insurance-sector investor.
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Available reinsurance capital could shrink in the line, which does not exclude pandemics, the broker notes.
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President Claude Tendil says the “international health situation” means the key reinsurance conference cannot go ahead.
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Coronavirus’ unwanted record; John Neal speaks out; structured credit freezes up.
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The executive restored the carrier's financial strength following the credit crisis.
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The key (re)insurance fixture may return in 2021 if the public health situation permits.
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Listing watchdogs rule that the stock hasn’t met the exchange’s minimum price requirements.
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CEO calls for sector to pull together with government to find collective response to pandemic.
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The step follows the resignations of four directors earlier this week.
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The broker says claims are manageable, but the dual hit to balance sheets sets the scene for a capital squeeze.
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Uncertainty over the impact of state support creates reinsurer fears of a far larger loss quantum.
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The Hannover Re parent predicts little-changed Q1 profit of EUR223mn.
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The carrier achieves 5.4 percent growth in Japan as it moves up programme layers.
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The deal will “capitalise on a dynamic competitive landscape and continue our strong growth trajectory”, Rod Fox says.
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Nancy Bewlay takes on the role of global CUO while Sean McGovern becomes interim CEO for the UK and Lloyd’s market.
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The executive replaces Martin Mueller, who leaves the restructuring primary carrier for a group finance role.
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Carriers are paring back their appetite and reducing exposure as they brace for insolvencies due to the virus.
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The move comes as Lockton continues an expansion into new areas of the reinsurance market.
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Stress testing put 2020 North Atlantic hurricane exposure at $6.4bn and credit default losses at $2.4bn.
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Felipe Moncaleano Botero is one of three men named in a criminal complaint.
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Atish Suri and two others defect to the competitor.
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Hiscox, Willis and Lloyd's were among the companies that faced up to the Covid-19 crisis, while US lawmakers also had their say.
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Losses were driven by claims on Canadian dentists’ cover and UK exposure.
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The broker says the solvency and capital impacts of the Covid-19 rout have eased.
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Howard and Harrison have wrested the London piece of the account from Guy Carpenter.
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The broker reports 25-50 percent rate growth in contingency following huge losses.
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The move follows repeated years of underwriting losses for Syndicate 5151.
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The Allied World and Brit parent draws down $1.8bn from a credit facility to support its (re)insurance operations.
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The UK reinsurance managing director exits after three decades.
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It will also bolster its catastrophe reinsurance programme to reduce peak exposures.
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Multiple broking sources believe the breadth of the Hiscox wording means all BI claims are covered.
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The Lloyd’s CEO insists that the impact of the virus is an earnings not a solvency event.
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The ratings agency estimates end-March ratios at between 190 and 200 percent.
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Pressure mounts on carriers to withhold payments but regulatory messages are mixed.
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Munich Re has also temporarily stopped underwriting Jetty policies.
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Lloyd’s first syndicate-in-a-box kicks off with parametric wind cover and a warranty aimed at backers of small solar farms.
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The purchase follows the 2019 launch of the Lion Rock Re sidecar.
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(Re)insurance shares in Europe also outperform market indices after a strong day for US brokers yesterday.
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Michael Pille will take on the newly created role after three years at the Berkshire Hathaway business.
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The executive was head of casualty for North America and London for Axis Reinsurance.
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As the Covid-19 crisis continues to deepen, this week signs of strain became increasingly evident in certain lines of business.
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Shares in the total return reinsurer traded up 3 percent after the news.
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Hui Yun Boo was Ironshore’s Asia Pacific managing director and Singapore CEO.
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Robert Wildbore and Marcus Taylor are also at risk.
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Some programmes also renewed with Covid-19 exclusions.
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The new bind feature enables markets to complete and bind Aon's treaty reinsurance placements without face-to-face meetings.
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The move is part of wider plans at the reinsurance broker to build out the unit.
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Its first transaction in the Asian market leaves the run-off group with assets totalling $7.2bn.
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Attempts to add full communicable disease exclusions have faced particular pushback from clients.
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The already stressed market is concerned about a further wave of securities class actions.
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The market’s underlying underwriting performance showed only a small improvement, while GWP growth fell well short of rate increase.
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Dan Melanson will report to executive vice president Rob Fast.
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Remedial actions start to bear fruit in primary property.
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Investment gains buttress results, while the combined ratio improves 2.4 points to 102.1 percent.
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The executive will be North American reinsurance head for Allianz’s risk transfer division.
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Coronavirus confusion, market meltdown and the lead-follow sceptics.
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The earthquake specialists says it’s exposed in 586 insured locations.
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James Kent wrote to CEOs Tuesday night to stress the need to ensure continuity of cover.
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The Swiss reinsurer said it has $250mn of Olympic exposure and a 15 percent share of the market overall.
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The world's biggest cat renewal is something of a sideshow this year, given focus on loss-hit wind covers.
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The likeliest bidders remain legacy firms such as Premia, Catalina and Enstar.
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The Bermudian platform sources casualty reinsurance deals for hedge funds.
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Aon-Willis merger, Greenlight Re's grilling and coronavirus chaos.
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European carriers shares fell below benchmarks as the US announced a European travel ban.
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Emergency trading measures using PPL and email will be implemented.
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The world’s biggest reinsurer teams with the $1.2tn tech company to create risk management and insurance solutions.
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Premiums more than double, while the unit's net loss shrinks from the prior-year period.
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The CEO predicts new broker start-ups as a result of the fusion.
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Despite large Q4 cat losses, the P&C normalised combined ratio improved year on year.
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London will set global strategy and serve as the core specialty hub.
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The figure includes losses associated with the cancellation of the Tokyo Olympics.
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The carrier passes on about 36 percent of a total of EUR1.5bn in large claims to reinsurers.
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Large losses for the year of about EUR956mn come in more than 9 percent above the carrier's annual budget.
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Alberto Marcano takes over from Andrew Dickson, who has become head of surety at Hudson.
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The withdrawal marks the latest in a series of restructuring measures at the carrier since its takeover by Apollo.