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October 2012/5

  • The open year of Lloyd's insurer Jubilee's run-off motor business is being brought to market to seek a reinsurance to close transaction at year-end, The Insurance Insider understands.
  • As the airline insurance market prepares for the major Q4 renewals, it is understood that brokers are using a 10 percent risk-adjusted discount as a starting point for negotiations
  • The volume of companies in liquidation in the US represents a "golden opportunity" for the run-off market, but the country's fragmented state-by-state regulatory system is hampering progress.
  • The long-anticipated overhaul of the National Flood Insurance Program (NFIP) is waiting on the too-close-to-call US presidential election result, but reinsurers could benefit from additional business being ceded in 2013.
  • The head of XL's professional liability practice in Europe, Bill Walton, has left the firm, The Insurance Insider understands
  • Global regulators are introducing ever-higher systemic targets for capital requirements that could exacerbate firms' tendency to place buffer upon buffer of capital above statutory levels.
  • The FSA is urging the industry to provide forward-projecting income and risk profiles, in the likelihood of a persistent low interest rate and low growth economic environment.
  • UK banking group Barclays' primary directors' and officers' (D&O) cover is set to renew up 10-15 percent amid a hardening financial institutions (FI) market, according to market sources
  • Lloyd's has given a positive spin to the likely Solvency II delay and highlighted the benefits of having extra time for regulators and policymakers to eliminate unnecessary elements and realign over-ambitious provisions.
  • A loosening of terms and conditions and an expansion of the coverage being offered to buyers of UK commercial D&O insurance is symptomatic of an ultra-soft market, market sources have told The Insurance Insider
  • PartnerRe has appointed Hervé Castella to lead its capital markets operations and added to his team with a new hire.
  • Investors seeking property cat risk are turning to capital markets reinsurance vehicles because the traditional benefits of investing in reinsurance equity are not working.
  • Reinsurers are set to benefit from Florida's Citizens Property Insurance Corporation's aggressive strategy of depopulating its swollen personal lines account (PLA)
  • Scor and Swiss Re have more than doubled the target size of their latest cat bonds, taking the total issuance currently being marketed to capital markets investors to more than $500mn, The Insurance Insider can reveal.
  • Several of this year's start-up reinsurers are among the new names on the first part of the California Earthquake Authority (CEA)'s 2013 reinsurance programme.
  • Lloyd's has spotted potential for developing political risk and crop insurance in the growing South African insurance market, which already accounts for over half of Africa's non-life gross premiums
  • Insurers are likely to bear the brunt of losses from Hurricane Sandy, which is on course to be the second landfalling hurricane in the north-east US in two years
  • 2012 broker M&A transaction tracker
  • As the so-called de-pop drive continues, a number of start-ups are entering the Florida homeowners' market
  • Third Point Re and Platinum Holdings have completed an innovative reinsurance transaction that provides a guaranteed investment return for the listed Bermudian carrier Platinum
  • Weekly share price movements and key data on The Insurance Insider's universe of P&C (re)insurers and brokers
  • Jeff Consolino, Validus' highly regarded CFO and strategic mastermind, is to leave the expansive Bermudian reinsurer for American Financial Group
  • Aon Benfield revenues up in third quarter; PCI welcomes...; Meadowbrook rating threat; Transformation Re; Hiscox syndicate profit; P&C on the rise at Axa...
  • The reinsurance industry's over-reliance on third-party vendor models to price catastrophe risk could create similar issues to those experienced by the asset-backed securities market during the financial crisis, Validus Re CEO Kean Driscoll warned last week.