October 2015/4

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

Allied World shares suffered last week as markets reacted to the carrier's mixed third quarter results.

The UK House of Lords has considered the Enterprise Bill less than a week after members of the London market wrote to the economic secretary to the Treasury Harriet Baldwin to stress that one of the proposals was "fundamentally flawed".

Travelers was forced to bolster its asbestos reserves by a further $224mn in the third quarter of 2015, as the shift towards strengthening reserves showed no sign of abating.

Global capacity for power and utilities lines remains buoyant at $4bn, with falling rates, new entrants and low catastrophe losses contributing to the soft market conditions, according to Marsh.

US cyber insurance business has seen double-digit rate increases at the latest renewal, as the market responds to recent large losses and a surge in demand for cover, according to new figures from Marsh.

US primary casualty rates are falling for most buyers for the first time in the current soft market, according to broker Willis.

Lower combined ratios, improving operating returns and falling catastrophe losses characterised Q3 earnings for the trio of major US insurers that reported last week.

US commercial P&C bellwethers Travelers, Ace and Chubb all reported the impact of an increasingly competitive domestic landscape when they opened the third quarter results season last week.

Developing a fully-fledged business integration plan and appointing an integration leader long before completion of an acquisition is absolutely key to successful M&A, senior London market executives agreed last week.

Besso is set to sell its capital markets unit Optex Group to Guernsey-domiciled asset manager Providence Global, Optex CEO Andrew Martin told sister publication Trading Risk.

New pastures for Donnell; Greenlight Re negative outlook; US wildfire losses; Investments hit Allied World; ANV signs partnership with PartnerRe; Price Forbes mines Lockton; Travelers shies away from M&A; Ferguson joins Price Forbes; Murphy exits IAG; Sciemus hires Welsh; Sciemus hires Welsh; Mosquera joins Arch Re; Mosquera joins Arch Re.

The cat bond market could be set to make its biggest payout since 2011 as a result of Hurricane Patricia, which hit Mexico as a Category 5 hurricane last week.

Loss estimates from the Tianjin explosions in August have continued to trickle in over the past week, with another two carriers making announcements.

Insurance-linked securities (ILS) fund manager Credit Suisse Asset Management (CSAM) now has a second rated platform to draw on following the launch of Humboldt Re last week.

Asia Capital Re (ACR) has received approval from the China Insurance Regulatory Commission (CIRC) to establish a representative office in Shanghai, The Insurance Insider can reveal.

Patria Re's in-principle approval from Lloyd's to establish a special purpose syndicate (SPS) has again highlighted the shift in how the Corporation brings new entrants into the market.

Despite warnings from Baden-Baden of mounting pricing pressure at 1 January, US reinsurers remain confident that the stabilisation that began to emerge at mid-year renewals will continue as negotiations gather pace at PCI this week.

The message from Europe is clear: prepare for high single-digits price falls and less reinsurance to be bought on wider terms...

There are signs of emerging demand for casualty reinsurance as insurers are drawn back to the market by attractive buying conditions at a time when pressure is growing on their underlying books of business.

Lloyd's carrier Novae has sold its agricultural reinsurance team and the renewal rights to the £51mn ($78mn) portfolio to Ironshore, as it continues to reduce its exposure to reinsurance business.

Specialty (re)insurer Fidelis announced a string of senior underwriting appointments today (26 October), including the hire of XL Catlin's Nick Burkinshaw as chairman of specialty.

Lawyers have warned that a new film starring Will Smith is expected to boost public awareness of sports-induced head injuries, which could create a problem for run-off carriers.

American International Group (AIG) has reorganised its commercial insurance business in a move that will also see a realignment of its specialty product lines, The Insurance Insider can reveal.

Eight risk carriers are now writing parts of the Willis Global 360 (G360) facility that was initially launched in 2013, The Insurance Insider can reveal.

Lloyd's has signed a memorandum of understanding with China Taiping Insurance Group in a pledge to collaborate on the development of Chinese and global insurance markets.

I think we've got to learn to be a little more consistent in our approach to this great industry of ours.

Former Cooper Gay Swett & Crawford CEO Toby Esser has begun fundraising for a start-up that will see him return to the market in short order, The Insurance Insider can reveal.