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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event. -
The inability to strike a deal sends both buyer and seller back to square one.
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If PPL and Deloitte cannot execute this time round, serious questions need to be asked around whether London is approaching its vital modernisation work in the right way.
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The reputation of the insurance industry has taken a battering after sexual misconduct stories and pandemic disputes.
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This publication has reported extensively on the ups and downs of the PPL saga, as the company seeks to push ahead on the development of its NextGen platform – a major component of the market-wide push on modernisation.
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The planned disposal of the syndicate underlines the challenges the cohort of Bermudian entries has faced.
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Recently one of my colleagues argued that it was time for a “bonfire of PMLs”, as the past five years have shown that the industry has seriously underpriced the kind of $10bn-$20bn loss events that have been happening since Harvey, Irma and Maria landed in 2017.
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Certainty of coverage and the market’s sensitivity around claims aggregation were key discussion points on the first day of the four-day virtual event.
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There is no such thing as an average loss year, but investors will still be looking for benchmarks.
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This current hard cycle in cyber is potentially a once-in-a-generation opportunity to engineer the product as fit for purpose.
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The ability to meet in person will be a major competitive advantage as the world recovers from Covid-19.
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The business is working with Fenchurch on what is likely to be a secondary offering that sees HPS and MDP re-invest.
