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Brokers face pressure on margins as the market’s firming phase slows -
A minority view gaining currency is that 2016-19 will not be the only problem.
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Rising legal costs show the risk of Howden’s growth-hungry approach.
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Changing work practices do not overshadow basic precepts of good employment.
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A hard cat market in 2023 means cedants must consider the alternatives.
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Putting together two “show me” stories risks investor skepticism.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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The company has improved performance and brought in new top management – but its direction under Covéa remains to be seen.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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The flight of reinsurers to mid- and upper layers of programmes is influenced by recent experience but softening at this level can be seen as a risky move.
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Lloyd’s may be wary of making disciplinary hearings more public, but it could at least make processes more transparent.
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The move points to a longer spell of independence for Miller – but possible bearishness on external interest in UK broking.
