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November 2017/4

  • Munich Re primary carrier Ergo Group is pushing into middle market commercial insurance through the launch of Poland-based Ergo International Corporate Solutions (EICS)
  • The London Stock Exchange-listed Blue Capital Alternative Income Fund anticipates a median return of about 15 percent for next year, with a return of 10 percent for a mean loss scenario.
  • Schroders has launched a life insurance-linked securities (ILS) fund with $750mn of committed capital spread across several mandates.
  • Credit Suisse-managed reinsurance vehicles Humboldt Re and Kelvin Re have both had their A- ratings confirmed by AM Best, after the ratings agency said that each would record an underwriting loss this year.
  • Guarantee Insurance controlling shareholder and former Patriot National CEO Steven Mariano received transfers from Guarantee for no clear business purpose, weakening the carrier's financial position, a Florida accountant has alleged.
  • The UK government gave a reprieve to the financial services sector last week by addressing a potential tax hit that could have increased the cost of Brexit-related restructuring.
  • The Bank of England has called for UK and EU legislation to safeguard existing cross-border insurance and derivatives contracts to avoid problems paying claims post-Brexit.
  • Allianz Global Corporate & Specialty (AGCS) has promoted Yogesh "Yogi" Virji to lead its UK cyber team while hiring an additional underwriter from Principia Underwriting.
  • Rising claims severity and more than a decade of compounding rate reductions have led carriers in the international professional indemnity (PI) market to reassess their involvement in the class and demand price increases at renewal.
  • As US casualty treaty market negotiations continue in the build-up to 1 January there is growing evidence that a number of leading reinsurers are exerting downwards pressure on ceding commissions that could drive a shift in pricing dynamics.
  • Airline insurers are having a better renewal than they have had for a long time. Composite rates are probably up a few points in the aggregate and lead premium is higher too if you squint at it.
  • After 15 years of downward pricing pressure, underwriters in the airline market finally secured a 3 to 5 percent increase in lead premiums in the key fourth quarter renewals, The Insurance Insider understands.