Reinsurers
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The executive will report to UIB LatAm CEO Carlos Gutierrez.
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The executive will be based in Zurich and report to international CUO Joerg Bruniecki.
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The broker was part of a mass resignation from Guy Carpenter last year.
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The recent Italian hail and Bernd losses show some companies are relying on outdated models.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January.
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Oversupply of capacity will outweigh casualty and per-risk concerns.
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The reinsurer experienced a “notable decrease” of catastrophe losses last year.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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Reinsurers are reporting stellar 2023 results – what they do with the earnings will be crucial.
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Sources are expecting multi-billion new limit to be placed.
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He was executive managing director in Aon’s wholesale treaty team.
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Insured losses from the Christmas storms reached $968mn.
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The carrier has reported that full limits remain on all insurance cover.
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Twia’s actuarial and underwriting committee made the recommendation last week.
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The MS Re CEO said 1 January oversubscription levels on cat were not notable.
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The Australian insurer will have $1.7bn of core XOL cover this year.
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The move followed efficiency considerations and the current state of the Chilean market.
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Its property cat aggregate cover renewed with improved coverage.
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The increase in limit reflects the carrier’s growing exposure.
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Firms issued notice in respect of some commercially reinsured war risks.
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The review followed a methodology change.
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The ratings agency also affirmed the reinsurer’s A- FSR rating.
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The broker will be based in Miami and offer solutions in lines including property, energy, construction and financial lines.
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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 source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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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 executive joins the company as it looks to bolster its reinsurance capabilities.
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Both executives will report to CEO Guillermo Eslava.
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Key market participants hailed the narrowing of the gap between PV insurance and reinsurance, however said that more still needs to be done to fix the market.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
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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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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Well-priced top layer cat risk is in demand, leaving reinsurers watching the market carefully for any signs of decline.
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The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
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Howden was the most active acquirer as people-move activity peaked in Q2, this publication’s data showed.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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RedRiff Agency will underwrite A&H insurance and reinsurance through a Lloyd’s consortium led by Beat 4242.
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It is expected to have a negative impact on profit after tax in 2024 of approximately $500mn.
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The CEO anticipates reinsurers to continue focusing on attachment levels and that appetite for specialty classes will be higher.
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The summit has been called the most significant for the industry to date, as there is a growing awareness of the value of insurance.
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Does one party – the carrier or the cedant – have to lose out for the other to succeed?
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The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.
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Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.
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Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.
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The mood at the association’s annual meeting is vastly more congenial this year, but challenges remain, particularly around long-tail lines.
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After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.
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Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Last year’s APCIA took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s 1 January renewal, there are several key themes to be debated at the event.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
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With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.
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E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
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Reinsurers are taking aim at pockets of European risk that escaped retention and rate rises last year.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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The New Zealand-based carrier has also decreased the upper limit of its catastrophe programme from NZ$934mn to NZ$750mn.
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The psychological wounds of the past were serious, and the sector’s redemption arc with capital will take time to play out.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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Industry sources view the letters of credit (LOC) fraud scandal at Vesttoo as a specific rather than systemic failure, with further scrutiny likely on LOC providers.
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Despite a successful upstreaming of cat risk to primary insurers, reinsurers still have multiple factors to worry about in the run-up to 1 January 2024.
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Property remained the largest class of business, whilst North America is an increasingly important income source.
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Plus this week’s executive moves and all the latest exclusives of the week.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
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Warehouse or science lab? Those tend to be two of the diverging views on Swiss Re, the oldest reinsurer, with a 160-year history.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
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The story will play out through bankruptcy court filings, but other exposed players and segments will be on watch for ratings agency findings and legal action.
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Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.
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More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire.
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However minor an irritant these losses are for global carriers, their impact is likely to have an outsized influence on the narrative heading into the 1 January renewals.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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The firm has written to brokers and counterparties urging them to continue working with it to deliver solutions.
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Insurers are messaging that they are able to offset rising reinsurance costs, but will a high-cost tornado season leave them pushing back in the run-up to 2024?
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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.
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The loss tally comes in 39% above the average for the 21st century.
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The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.
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The massive line from Warren Buffett’s carrier – previously reported by this publication – supported the insurer’s growing inland portfolio as policies have headed to the state net.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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The quota share cyber reinsurance market is finely poised, with good appetite for strong cyber writers, but reinsurers are cautious of new writers or fronted MGAs.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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Howden Tiger, which has been hiring aggressively from rivals, currently has only limited involvement in marine reinsurance.
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The carrier said it had mitigated the impact of a challenging reinsurance market.
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The broker will also work to support traditional reinsurance and retro activities.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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QBE Re said it was investing in the business with the creation of three new roles.
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This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
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Based in Miami, the executive joins BUA as partner, working alongside managing director and CUO Juan Calvache.
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Blenheim’s withdrawal from property treaty highlights questions around London’s role as a reinsurance centre of excellence.
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Plus all the latest executive moves and the top news of the week.
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He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.
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Industry veteran Paul Bonny will continue to offer advice to the company through his ongoing role as non-executive director.
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The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.
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The move follows predecessor Massimo Reina’s defection along with 25+ colleagues to expansive rival Howden Tiger.
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Global reinsurance capital fell by 12% in 2022 to $638bn, Gallagher Re estimated.
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Based in London, the executive will report directly to the company's incoming CEO Guillermo Eslava, who will take over the position in Q2.
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Reinsurers are also increasing their attention on per-risk contracts protecting Japanese interests abroad.
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The appointment of Chris Jones comes amid wider staff movement among Ardonagh’s intermediary firms, as the group consolidates its array of brands.
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Large visiting contingents from Florida to the Bermuda Risk Summit highlighted ongoing concerns around cat capacity availability.
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Minesh Jani will report to Bradley Maltese, CEO of international and global specialties.
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Intermediaries have highlighted the ‘evolution’ in reinsurance buying as hard market conditions are expected to continue.
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Alun Thomas will report to Bermuda CEO Chris Bonard.
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Wayne Ashley will report to Jim Wixtead, senior vice president of Chubb group and president of Chubb Tempest Re.
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Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
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Reclassifying expenses as underwriting or corporate costs for different reporting metrics is set to get more complex under IFRS17.
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Plus all this week’s top exclusives and executive moves.
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In the firm’s 2023 State of the Market report, it covered multiple classes, warning that for property (re)insurance in particular, inflation will likely continue to inflict pressure.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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The ratings agency has placed under review with developing implications CCR Re’s A financial strength ratings, as well as its credit ratings.
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The appointments will be effective July 1, subject to regulatory approvals.
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The Italian group previously halted writing catastrophe excess-of-loss business.
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The Iumi president said there were hundreds of millions of dollars’ worth of vessels still stranded in Ukraine.
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The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
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This was the highest single-year increase for the US index since 2006.
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Exclusions and coverage changes absolutely make sense as a goal, but some wordings have thrown up additional risks.
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The broker also predicted elevated demand for all forms of ILS capital throughout 2023.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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As insurers grow more comfortable with retaining attritional cyber risk they are altering reinsurance placements.
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The underwriter has a background in marine and energy reinsurance and has more than 17 years’ experience.
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A harder reinsurance market will make its impacts felt throughout 2023.
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The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
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Reinsurers have successfully pushed hard on T&Cs but, as capacity begins to fall into place, there are still many unanswered questions for this renewal.
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The ratings agency said PartnerRe would act as a ‘natural diversifier’ to Covéa’s operations.
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FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
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Felix Winzap will join the Swiss leadership team following the resignation of Peter Schmidt.
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The outcome over the debate on narrowing cat reinsurance coverage will not be an all-or-nothing bet, with all perils deals with exclusions not a polar opposite of named perils coverage.
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Tristan Abend has been with the Axa XL Reinsurance team for 10 years.
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The move comes amid a general cutback from reinsurers’ in their cat risk appetite.
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The London market proved resilient in the face of twin shocks from geopolitical and natural disaster.
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Click here to download the Monte Carlo 2022 - Innovation Roundtable
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The extended coverage was brokered by Howden and saw several Lloyd’s carriers join or renew their coverage.
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The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.
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The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.
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Some syndicates have access to capital to allow them to pursue net growth, but others may be more vulnerable.
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The risk is increasing of some cedants ‘running naked’ in early January as the market faces a ‘horrendous bottleneck’ of negotiation ahead.
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The increase in premium growth was largely attributed to strong pricing trends for commercial lines and reinsurance business.
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The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.
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The broker said clients can move fast in a harder market but need time to review quotes.
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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
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In response, Scor said it is taking all possible steps to improve its profitability.
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Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.
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Reinsurers are demanding price increases and higher retentions as brokers warn cedants to be ‘realistic’.
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Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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The negative outlooks reflect AM Best’s expectation that macroeconomic headwinds and current unfavourable capital and investment market conditions may exacerbate financial stress on Fosun over the short to intermediate term.
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As reinsurers have walked away from certain risks in Florida, the state will need to keep some parts of its insurance infrastructure healthy – but without making the public markets too attractive.
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With significantly lower retentions, AIG, Assurant and Allstate are more likely to pass the cost of the hurricane onward to their reinsurers.
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Darren Lednor will become managing agent, while Mark Pickett will be active underwriter.
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The ratings agency said Brazil’s 12% inflation rate continues to fuel loss costs, but IBNR reserves increased 3% from 2020.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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The carrier will focus on writing a limited number of mid-sized EMEA clients in its first year.
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Political violence reinsurance capacity will be a “precious commodity” at 1.1 but differences remain over how much restructuring of specialty composites should occur.
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The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.
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The expansive broker has also hired Mario Binetti from Everest Re as head of casualty treaty and actuarial.
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Negotiations may focus on attachment points and the extent of double-loading for inflation.
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Under new CEO Robert Wiest, the company is implementing a new operating model.
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Third-party capital is showing “skepticism” over the market while traditional capital will decline this year.
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Reinsurers are seizing the chance to correct soft-market terms and conditions.
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Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
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The company said the evaluation process is expected to conclude within the coming months, enabling a potential dual listing in the fourth quarter.
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Reinsurance has contributed increasingly to the results of the Belgian carrier, which is looking to further diversify.
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The broker said climate, conflict and capital concerns will keep driving up reinsurance rates but suggested new capital may be attracted to the market.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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A report warns that recent rate increases may not be enough to protect against headwinds.
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A Moody’s survey of reinsurance cedants found most are expecting cat rate increases to remain in a high-single-to-low-double-digit bandwidth.
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Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
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Insured losses in 2021 alone hit $20bn.
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The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
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The carrier’s withdrawal from certain specialty lines comes as remediation feeds through into improved results.
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Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.
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Average budgeted expected losses rose by nearly 20% this year with reinsurers factoring in climate variability.
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The review comes as the company plans to issue a follow-on offering of its shares in early September.
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The latest financial condition report for Darag Bermuda shows a $69.0mn loss after tax for 2021.
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The investor now has a ~9% holding in the legacy specialist.
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The former reinsurance leader’s exit from treaty highlights wider pressures on the market.
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Piotr Nowakowski joined Peak Re in January from Echo Re and was previously head of product underwriting for Peak Re’s P&C business.
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In the absence of a major tactical shift from Demotech, will the reinsurers become the de facto selection party determining which domestics survive?
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The carrier is in growth mode in reinsurance following a period of caution, owing to pricing concerns.
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The purpose of the agreement is to allow insurers to meet the guidelines set forth by Fannie Mae and Freddie Mac.
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The Hong Kong-based carrier and its backer have been placed on negative review by the ratings agency, prompting questions around its future.
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The insurance agents’ trade body also raised concerns over brokers’ E&O cover.
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The release followed an appeal judgment from the High Court of Australia.
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The rate-on-line index rise is the steepest uplift in 16 years.
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Market orthodoxy suggests cross-class reinsurers secure more leverage – but are there too many implicit offsets in this game?
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The $2.5bn includes $1.45bn of newly placed limit and $1.06bn of existing coverage.
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The Financial Services and Markets Bill could be published next week.
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Guy Money, global head of product at AGCS, has been appointed global head of multinational business.
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Inflationary pressure, increased demand and negotiations over attachment points are among the factors that reinsurers believe are ramping up pressure in the catastrophe space.
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The coverage secured represents higher average insured values compared to last year.
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Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.
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The executive previously led financial lines in Iberia for the carrier.
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The state-backed carrier bought two-thirds of its programme in the collateralised market.
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Rate increases are now universal in the property cat markets, the Gallagher Re executive said.
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The Prime Minister believes the PRA is being too cautious in bringing in new rules.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
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The US P&C carrier is putting more premium through its captive.
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The move follows a restructure of the broker’s London reinsurance unit last year.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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S&P’s believes that Toa Reinsurance Group’s performance will continue to deteriorate.
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The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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The ratings agency said the run-off sector is set to remain highly competitive over the coming years.
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The carrier’s move to cement its identity as a specialty (re)insurer could put it at a competitive disadvantage.
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The move comes after an abortive effort from Axis to sell its entire $3bn-premium reinsurance business.
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The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
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The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
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DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
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The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.
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The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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The appointment comes after the MGA brought new capacity to the cargo market last year with a $18mn facility.
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The broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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The tacit tying of inwards business flows to shares of outwards programmes creates real exposure to a crusading Attorney General looking for a target.
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Plus latest people moves and all the top news of the week.
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A number of carriers are looking to offload their volatile reinsurance units. Could an ambitious investor knit them together?
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The London head and energy leader joined the company in 2013.
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He moves from Axis Capital and will succeed Jon Levenson.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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Matthew Sims and William Taylor will launch a book from November as the market moves away from composite covers.
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The executive will be responsible for underwriting strategy for the London and international casualty book.
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The sale process is in the early stages of marketing, and bids are expected later in May.
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Plus the latest company results, people moves and all the top news of the week.
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Ukraine uncertainties remain despite some loss estimates emerging in Q1 earnings across the Big Four European carriers, while inflation looms on the horizon.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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The carrier’s P&C divisions in North America and Latin America both reported 17% year-on-year increases in GWP.
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He will replace the retiring Dennis Alba.
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Pool Re estimated pricing could fall by about 20% outside central London and by more than 30% in many non-urban areas.
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Clarity is growing over how the Ukraine war loss may eventually play out, although the picture is still uncertain.
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A restructure will see a global product leader appointed for all QBE Re’s business lines.
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The carrier’s combined ratio deteriorated by 2.2 points to 98.3% due to heightened loss activity, including losses from floods in Australia and storms in Europe.
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Plus this week’s Q1 results and all the top news of the week.
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The conflict is a live cat that could last months and crucially, has straddled a significant reinsurance renewal date.
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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The commitment includes achieving greenhouse gas neutrality across its global underwriting and investment portfolios.
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Plus the latest executive moves and all the top stories from this week.
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The ratings agency cited slowing rate rises and challenges for carriers to achieve above-inflation premium increases.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
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The CUO of the world’s largest reinsurer explains the company’s enduring commitment to cat risk despite advancing climate change.
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Amid Ukraine uncertainty, there is extreme wariness among reinsurers to provide PV and terrorism cover as part of bundled specialty treaties.
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The Russian invasion of Ukraine is likely to result in a “mid-sized” cat loss, according to Swiss Re CEO Christian Mumenthaler.
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Alternative capital increased by 4.4% after two years of stagnation.
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The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.
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There is a tension between securing payback and negotiating higher retentions.
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Pricing rose to 950 bps, the higher end of guidance.
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The new law, set to be implemented on 1 July, seeks to lower insurance premiums for cyclone-affected areas of Australia.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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The Lloyd’s business is drawing on TMHCC to advise on the future of its reinsurance book.
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Executive pay at RenaissanceRe fell for the second year in a row in 2021 after a “disappointing” return for shareholders in a year of elevated natural catastrophes.
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TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.
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Lloyd’s 2021 results have revealed significant improvements in virtually all lines of business as well as rocketing premium growth in reinsurance and primary casualty business.
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The EU has clarified that (re)insurance provided by EU-based carriers for non-Russian airlines flying to and from the country is not prohibited under its sanctions.
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The limit has increased by 5.5% on cover of $1,930mn placed last year.
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Tuttle has more than 35 years’ experience in P&C broking and cat modelling.
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Unlike deals like Axa-XL or Catlin-XL before it, this transaction is expected to be much more neutral in its impact on reinsurers.
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The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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New treaty placement elements on the Adept platform will provide structured data exchange functions throughout the placement process.
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Tom Clementi replaces outgoing CEO Julian Enoizi who held the position since 2013.
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A 1% increase in inflation could lead to a five-point increase in combined ratio for a longer-tail risk such as medical professional liability, the Scor chairman said.
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The Treasury acknowledged that maintaining an unlimited guarantee remains essential to Pool Re’s operation.
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Plus more on the market’s exposure to aircraft leasing firm Aercap and the lowdown on the US 1.4 renewals.
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It is understood that the policy is written via the Aon Alpha facility and is led by Liberty Specialty Markets.
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The carrier is facing more growth than anticipated after recent insurer failures.
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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The company’s adjusted return on equity will have a floor of 14%.
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The carrier has already withdrawn cover for the top 5% of carbon-intensive oil and gas firms in the past year.
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The reinsurer will make exceptions if the suspension of business negatively affects persons or companies that need protection.
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The carrier lifted its estimated net natural hazard costs for the year by A$25mn to A$1.1bn.
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President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
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Acrisure Re brokered the deal.
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The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries.
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The syndicate has doubled its underwriting profit and improved its combined ratio as its turnaround work bears fruit.
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Wind XoL rate increases are tapering off, while cedants push for commission increases on quake quota-shares.
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The flight from volatility could have the industry poised to enter another phase of structural change.
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The reinsurance deal will require James River to write off $6.8mn in Q1 2022.
-
The current CEO will step down on reaching retirement in May.
-
Suncorp and RACQ set to recover losses through reinsurance.
-
Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.
-
The deal’s exposures are focused in the troubled personal auto market where loss costs have been running ahead of rates.
-
Those writing large energy or infrastructure risks, such as London market insurers or international reinsurers, will be most affected by the war, the ratings agency warned.
-
This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
-
The carrier’s CFO said there will be continued opportunities to grow top line in P&C, CorSo and L&H over 2022.
-
Plus the evolution of the broker consolidator model, this week’s results and all the top news of the week.
-
The start-up Bermudian reinsurer has focused initially more on quota share.
-
Reinsurance recoveries will depend on whether losses are aggregated, the ratings agency said.
-
Gross written premiums came to $378.8mn in its first year of trading, with an indicative renewal rate increase of 13.7%.
-
Cyber reinsurance premiums may exceed those of property cat by 2040.
-
Plus our take on London market financials a all of this week’s full-year results.
-
S&P’s proposal to disallow senior debt as a form of available capital is thought to be among the most impactful of a slew of detailed changes by the rating agency.
-
Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
-
The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
-
At root, London and Lloyd’s needs to strengthen its value proposition for four distinct groups: capital providers, multi-platform carriers, brokers and cedants.
-
RenaissanceRe had raised $470mn for the high-risk fund platform a year earlier.
-
Plus the latest on Floridian reinsurance reform and all the week’s top news.
-
Absent more significant reform, any changes this year look set to simply shift the timing of burdens falling on the public purse.
-
The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
-
The ratings company said it considered Scor's earnings performance, which has been below the agency's expectations for the past five years.
-
EC3 has declined, struggling with a diminished ability to lead, Lloyd’s regulation, declining client relevance and the rise of Bermuda.
-
Cedric Wong has also been promoted to lead the UK engineering and construction wholesale team.
-
Two legal academics, giving evidence to the House of Lords inquiry into London market regulation, highlighted the need for a climate-focused duty for regulators.
-
The rise accounts for growth in the firm’s specialty auto book.
-
The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
-
The carrier said InsurTech investment was driven by specialty and commercial solutions during the year.
-
TigerRisk Capital Markets has been retained to advise, and the business is being marketed to run-off carriers.
-
The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
-
Trade bodies shared concerns today on the London (re)insurance market’s global competitiveness, in the first session of a House of Lords inquiry into regulation.
-
The ratings agency is allowing more time for feedback on proposed changes to assessing insurers’ capital adequacy levels.
-
The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
-
This was the second year the insurer drew down its full reinsurance limit.
-
The Axa XL executive said a parliament inquiry into London market regulation provides a platform to raise issues around the absence of UK captives and domestic reinsurers.
-
The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
-
The industry is expected to improve its return on capital slightly in 2022.
-
Richard Pike joins Howden Re from Berkley Re, where he was responsible for regional ceded reinsurance.
-
Charles Kasmer stepped down from his role as group chief actuary at Catalina in June 2021.
-
Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
-
The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
-
The catastrophe market, inflation and loss-costs and the pandemic unwind are among the trends to shape the news agenda this year.
-
The Federal Emergency Management Agency trimmed its spend on the program by 12%.
-
In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
-
Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
-
The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
-
European loss experience drove the firm’s index back in line with 2014 levels.
-
The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.
-
Quick progress on a late reinsurance renewal has closed many gaps but private deals have proliferated, making overall outcomes more opaque.
-
The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.
-
The reinsurer announced its repurchase programme earlier this week to meet future obligations under incentive schemes.
-
Fairfax completed the sale of a $900mn stake in Odyssey Group to CPPIB and Omers earlier this month.
-
The “squeezed middle” of the reinsurance sector is under pressure, but attritional risk aversion could drive ongoing changes.
-
Reinsurers have held the line more strongly than last year but rising risks may offset gains.
-
Reinsurers anticipate lower increases than last year but maintain pressure for rate in inflationary environment.
-
Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
-
Group operations will be reorganised, with all technology responsibilities falling under Ladva’s remit.
-
Deals for CNA, Zurich, AIG, Sompo and Axa XL highlight the intense demand among reinsurers for casualty and professional liability pro rata business.
-
The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.
-
Panel turnover could be on the rise, as retro change may have a knock-on impact
-
Plus the latest executive moves and all the top news from the week.
-
The pricing outlook is murky with few FoTs in the market, but payback for Bernd is certain.
-
The resignation of Michael O’Connor comes amid several recent departures from Ascot.
-
The target firm deals in engineering, energy, P&C and specie.
-
In a recent report, the ratings agency cited rising loss cost inflations, enhanced market discipline, and growing demand for reinsurance capacity as the industry approaches January 1 renewals.
-
The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
-
The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
-
Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
-
Nearly three months on, the event still seems heavily stacked towards residential claims.
-
An RAA study found that for the nine months ended September 30, the combined ratio for group of US reinsurers deteriorated by 0.5 points to 100.7%.
-
The fundraise will support collateralised reinsurance deals with the firm initially targeting Californian wildfires.
-
The reinsurer and the tech firm will collaborate on driverless vehicle products.
-
-
The ratings agency expects the carrier’s underwriting performance to improve in 2022.
-
Two thirds of natural catastrophe losses are currently unprotected globally, but this is expected to decrease in the future.
-
The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
-
The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.
-
Ardonagh’s reinsurance business Inver Re has hired former Howden executive Nick Griffiths as a director.
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UnipolRe has pulled out of writing property cat excess-of-loss business as it became the first reinsurer to fully exit the class based on the impact of climate change, Insurance Insider can reveal.
-
Swiss Re, Munich Re, Hannover Re and Scor have set out divergent strategies on cat as volatility increases and the retro market seizes up.
-
Executives said they were surprised that underwriters had staged more of a return than brokers.
-
Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10%-19%, according to the latest white paper from Karen Clark & Co (KCC).
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MS Amlin’s head of reinsurance Matthew Wilken is to leave the business for a role at Hiscox Re & ILS in Bermuda, this publication understands.
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Scor is to shift its portfolio to increase the proportion of P&C to 60% and reduce life and health (L&H) to 40%, according to CEO Laurent Rousseau.
-
Plus an interview with Swiss Re’s Thierry Léger, and the London listed carriers’ Q3 results.
-
Lockton Re has hired James Boon from Aon to work as a senior broker in the expansive non-marine retrocession and property specialty division.
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The International Group (IG) has offered premium rises of 52% on the lower part of its general excess of loss (GXL) reinsurance contract following a spell of substantial claims since the contract switched to a two-year deal, Insurance Insider can reveal.
-
The insurer will recoup $986mn from its reinsurers in relation to Q3 cats, of which $689mn stems from Hurricane Ida.
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The return to an in-person event follows two years of forced cancellations owing to Covid-19.
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Hurricane Ida will also hit the K-Cession sidecar but not the XoL cover, board member Sven Althoff said.
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The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.
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Swiss Re’s group CUO Thierry Léger has explained to Insurance Insider the rapid progress insurers need to make in the next decade, adding that “every year counts”.
-
IAG said catastrophe losses have reached 77% of the way to triggering its aggregate reinsurance cover for its fiscal year 2022.
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Primary rates move before reinsurance, cedes fall in a hard market and cat is subsidised by casualty.
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The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week, and promoted Peter Bell to be its new CEO in Bermuda in July.
-
Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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The top 21 reinsurers were rated positive on just 9% of factors overall.
-
The ratings agency said that the deal would increase diversification but heighten catastrophe exposure.
-
Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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The new operation, labelled ‘the forum’ will be a trading hub for Fidelis and its MGA platform, Pine Walk Capital
-
Everest Insurance head of specialty casualty will transition to the reinsurance division, reporting to Beggs.
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Engaging with the French mutual as an M&A counterparty represents a high-risk strategy for Exor.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The carrier will continue to write the business from Bermuda and the US.
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The carrier will also continue with plans to expand in Asia.
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The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
-
The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
-
The Scor chairman takes over from Swiss Re CEO Christian Mumenthaler, who steps down after two and a half years in the role.
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The climate-transition pathway solution helps insurers identify clients with robust climate-transition plans.
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The Hannover Re subsidiary said the event would incur insured losses in Germany alone of “well in excess” of EUR8bn.
-
Kate Roy has served as COO for Great Britain and Willis Ltd since 2015 and been involved on the PPL board since the platform’s inception.
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The reinsurer said it was adding "a new generation of expertise" to its energy team.
-
Analysis of financial data shows that the last decade has seen a marked increase in the proportion of premiums ceded by carriers in all sectors.
-
The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
-
Plus the winners of the Insider Honours and all the top news from the week.
-
The inability to strike a deal sends both buyer and seller back to square one.
-
The operation will be led by José Leão, CEO of BMS Re in Brazil, and Judi Newsam, president.
-
Discussions with industry and in-country partners have so far foregrounded parametric solutions.
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GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.
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The well-known underwriter has held similar positions at Sompo International and Partner Re.
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The ratings agency said that cat models were not taking into account the full impact of climate change.
-
The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
-
AM Best sees positive market trends in reinsurance including more restrictive terms and better rates.
-
Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
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The state body supporting earthquake cover has seen risk transfer requirements swell over the past decade.
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The insurer’s net monthly cat losses reached $876mn.
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The ratings agency said cat activity, Covid-19 and social inflation would play key roles in influencing investor returns.
-
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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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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European cedants are bracing for a ‘sizeable price correction’ after the scale of summer flooding took reinsurers by surprise.
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An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
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The Scor CEO said that (re)insurers risked being hounded by regulators for selling inadequate products.
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More than 95% of global reinsurance capacity can now be accessed by placing business on the platform.
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The broker CEO said this went against a “core premise” of the industry which was the absorption of such volatility.
-
A (Re)Connect panel of 2020 start-up leaders said the Covid lockdowns made for challenges in the build-out.
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“We do need to be careful about exuberance,” the CEO said, warning that complexities such as climate change and social inflation remain.
-
Munich Re board member Stefan Golling said he expected market discipline to continue and expressed optimism about the US casualty market.
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The targets are part of the “quantum leap” strategy set to be unveiled by new CEO Laurent Rousseau at an investor day today.
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The ratings agency said that reinsurers were likely to shave several points off combined ratios in 2021 and 2022.
-
In the months leading up to (Re)Connect and the wider conference season, the discussion around climate and ESG has become noticeably more urgent.
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Reinsurers retained more net income this year, driven by a desire to grow into the hardening market.
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The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets.
-
A reinsurance panel at Reconnect also called for reform of risk models
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The Hannover Re CEO said that the issue of mitigation had become “totally dominant” in discussions about the climate crisis.
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The intensity of recent cat activity in the US, Japan and Europe means the market is positive for reinsurers, the executive said.
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Reinsurers with third-party capital platforms said to be well-positioned for a return to growth in alternative capital.
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The Convex CEO said that the reinsurance market was yet to accept the true scale of its Covid-19 exposure.
-
Stephen Catlin, Andy Marcell and Tim Gardner feature in today’s sessions.
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The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
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The executive spoke candidly about past management issues at the firm and expressed confidence about the long-term health of the business.
-
The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.
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The agency said its rated insurers were well positioned to absorb significant catastrophe losses, as they had generally experienced capital expansion over the previous 12 months.
-
Capital positions remain strong even in the context of the pandemic, but innovation is required to keep up their position of influence in the global economy.
-
Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.
-
There is no such thing as an average loss year, but investors will still be looking for benchmarks.
-
The 19bn-20bn rand claims quantum marks a steep increase from a mid-July estimate of 7bn-10bn rand.
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The feature will allow insurers to explore in real time the most competitive prices for a variety of structures and perils.
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Proactive price action is enough to keep pace with inflation – for now.
-
The reinsurer is looking to hire in the underwriting, compliance, finance and business administration departments.
-
The carrier has hired also CNA’s Julie Stephenson as global head of casualty.
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Willis’s sale of its reinsurance arm was the best option it had left – but the loss will have implications for the wider business.
-
So far, damage costs caused by the California fire are thought to be below $1bn.
-
Despite some rate tapering, the two German reinsurers are expanding premium, as all four carriers enjoyed North American rate increases.
-
The carrier made recoveries on only one disaster event in the past year.
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Geico’s loss ratio jumped by nearly 18 points in the quarter on higher claims frequency, on par with results at personal auto rival Allstate.
-
The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.
-
Managers such as Schroders and Fermat capitalised on investors looking for liquid, remote-risk strategies to grow their asset base in H1.
-
More than 100 fires have burned through provinces across Turkey, killing eight people as temperatures reach record highs.
-
The Willis Towers Watson CEO also confirmed the broker will not pay out bonuses contingent on the Aon merger.
-
The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.
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Reinsurers using Europe primarily as a diversifier to counter risk in peak cat zones are increasingly faced with significant loss events on the continent.
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The firm has done more business via quota shares than initially planned, but said this gave it access to improving primary rates.
-
The Hong Kong reinsurer said the move was a ‘natural next step’ in line with the company’s diversification strategy.
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The reinsurance contract indemnifies Intact against losses in excess of a £2.6bn retention on losses occurring before the end of 2020.
-
The Texas Big Freeze plus an active hurricane season could see losses balloon in 2021.
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CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
-
The analyst said the loss will fall mainly to reinsurers rather than primary carriers.
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The former Verto Syndicate 2689 CEO said the business had come close to raising funds for a de novo start-up before pivoting to an M&A approach.
-
The expansive broker has poached a number of senior staff from Aon as it builds its team.
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ERS’ recently rebranded (re)insurer IQUW has confirmed the appointment of Stephen Young as CEO for a new Bermudan division, as first revealed by this publication.
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The five reinsurers with the largest shares of the 2020 programme were Swiss Re, Scor, Munich Re, Hannover Re and Lloyd’s carriers.
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The executive stood down from leading Sompo International’s reinsurance business last year.
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Head of crisis management Mark LeBlanc will lead the team.
-
The Convex CEO will work with Pool Re’s group that has been founded to explore how the UK can be better protected from systemic risks.
-
A rampaging cat bond market should lead more cedants to consider its long-term advantages.
-
The European Insurance and Occupational Pensions Authority (Eiopa) gave the projection in its June financial stability report.
-
Habib Kattan will support the implementation of the company's outward reinsurance strategy.
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This is the second year the insurer has bought a fiscal-year aggregate.
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Plus PPL’s NextGen platform woes and all the top news from this week.
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The new CEO will work with colleagues across the company to write a “new page of history” for the French reinsurer.
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Showvanik Dasgupta has worked at Beach Re, Tokio Millennium Re and Aspen Re, where he started his career.
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It will cover home, motor and commercial property portfolios across Australia and New Zealand.
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The carrier says several leadership changes will help position the insurer for further success.
-
Reinsurance rate increases are tapering off, but the recent influx of capacity will not cause pricing to “fall off a cliff” thanks to continuing market discipline, according to Willis Re’s James Vickers.
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The reinsurer’s new CEO Laurent Rousseau secured 99.54% of shareholders’ votes for the role at a general meeting, while 91.27% backed Denis Kessler as chairman.
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The new broker will sit within Steve Hearn’s capital solutions division.
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Pricing momentum on property and casualty slows, while in Europe a messy legal battle over Covid commences.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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Philip Hough leaves Singapore to focus on his role as global head of property, based in Zurich.
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Sources raised concerns about a consistent trend in claims inflation and the long-term prospects of profitability.
-
The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.
-
Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
-
Reinsurers are talking about a new era of elevated risks, but their behaviour may signal a more relaxed view heading into 2022.
-
The consortium, created with China Re, will later expand to include other lines of business.
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The reinsurer is looking to anchor its UK motor co-insurance and reinsurance capacity with a fully integrated platform for distribution and claims handling.
-
Swiss Re acquired its Phoenix stake in 2020 following the sale of closed life business ReAssure.
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US property rate increases are coming in below expectations, although European rates remain on the up.
-
Reinsurers from Bermuda, the Cayman Islands and Japan have also provided capital to the syndicate for its 1 July launch.
-
Plus, a detailed look at the FCA’s BI claims data and all the most popular news from this week.
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The Corporation’s deal signals a moderate view on growth and a refined approach to solvency management.
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The Lloyd’s CFO said the deal will finance growth at a cost "three times cheaper" than charging members to support the central fund.
-
It estimated that 2021 natural peril claims would be significantly more than its allowance.
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Registrations for the event will be limited if necessary to ensure distancing measures can be taken.
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The marine market fears a multi-hundred-million-dollar loss to result from the sinking of the ship.
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The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.
-
The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
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The broker’s cyber practice leader Tom Quy will lead the initiative.
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The reinsurer was suing Barclays over its role as adviser to Covea during its failed Scor takeover.
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The deal removes the overhang risk associated with the Covea’s nearly 8.5% stake in the reinsurer.
-
Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
-
A settlement allows the mutual an “orderly exit” from the reinsurer’s share capital and removes a major distraction from incoming Scor CEO Laurent Rousseau.
-
Panellists said that improved data around aggregations could attract new cyber reinsurance players.
-
The executive joined Aon nearly four decades ago and has held a variety of senior management positions.
-
Willis Re CEO James Kent is expected to take on the leadership of Gallagher Re following the completion of the acquisition.
-
It was either the top or joint largest investor in each layer of the programme.
-
Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
-
Plus the implications of the X-Press Pearl sinking and all the top news from this week.
-
The broker predicts a “very active” cyclone season over east Asia but forecasts a slightly smaller number than usual will make landfall.
-
State-backed carrier GIC Re faces competition as the European Big Four press into the subcontinent.
-
Last year it secured just NZ$6.2bn of protection from major nat cat events, as premium spending went up by 11%.
-
The covered agreement provisions will ease the flow of US business into London.
-
The SIAB has abandoned the project, with no other syndicates currently involved.
-
Proposals for a secondee system using a UK branch look unwieldy.
-
Reinsurers are clamouring for proportional business, while maintaining excess-of-loss rate rises at 1 January levels.
-
The executive recently stepped down from Lloyds after steering the bank through the aftermath of the financial crisis.
-
Severin Hegelbach is to take a new Brazil-based divisional director role.
-
Matteo Cussigh has more than two decades of experience in traditional reinsurance and alternative risk solutions.
-
The Chaucer CEO on international expansion, casualty reserving and the long road to price adequacy.
-
The association rejects a proposal to buy more reinsurance, citing fears about members’ costs.
-
The French carrier’s newly announced successor to Denis Kessler will be charged with taking growth to the next phase.
-
The Week in 90 Seconds: A guide to Gallagher-Willis; Florida renewal look-ahead; Two offshore lossesPlus the insurers on-risk for the Colonial Pipeline cyber attack and all the week’s top news.
-
The start-up carrier still plans to write more excess-of-loss business overall.
-
Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
-
The Bermudian booked a $4.6mn loss from Winter Storm Uri.
-
Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
-
The Tremor CEO spoke to Inside P&C recently, offering an inside look at his company’s Panorama platform.
-
Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
-
The pool, which will cover cyclone and related flood damage from July 2022, is expected to bring down the cost of insurance.
-
Aon-Willis, CFC's new Lloyd's syndicate, Talbot's contingency retreat and more.
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Insurance rates in the US rose 15%, while London market pricing was up 10%
-
His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
-
Indications from Bermudians suggest Covid-19 noise will abate, while early US reporters suggest a slowdown in rate momentum.
-
Zurich’s Boston-based global head of cyber risk Lori Bailey is set to leave the business, Inside P&C understands.
-
The newly created Insurance Rebellion dumps fake coal on the doorstep of One Lime Street.
-
The MGA will cover power, mining, chemical processing industries and public and private building sectors and civil infrastructure risks.
-
The move comes ahead of the COP26 climate summit in Glasgow in November.
-
The insurer racked up $915mn of qualifying cat losses after winter storms.
-
Covid-19 losses of $14bn added 8 percentage points to combined ratios.
-
Acrisure Re has recruited Willis Re executive vice president and 20-year veteran Paul Sperrazza as the employee-owned broker expands its presence in the Midwestern reinsurance market, according to a spokesperson for the intermediary.
-
The appointment follows the hire of MS Amlin reinsurance underwriter Dominic Peters as CUO.
-
-
The report also found that reinsurance capital increased by 7% to $658bn.
-
Plus an update on the airline insurance market and all the top news from the week.
-
The executive says the carrier made strides last year in its underwriting and is well positioned for growth.
-
CEO Johan Slabbert says the US specialty market offers a chance to balance out the volatility of catastrophe risk.
-
The move is to encourage more people to return to the underwriting room and reduce boundaries of entry.
-
Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
-
The new recruit, a former senior Liberty Mutual executive, put his insurance start-up plans on ice last November.
-
Willis Re data on Florida participants’ deteriorating CoRs and solvency highlights the challenges to be faced at this year’s 1 June renewal.
-
The Week in 90 Seconds: Biometric data and cyber; Greensill collapse; Guy Carpenter’s Priebe on pandemic risk; Texas storm; Marsh McLennan’s Glaser
-
The Australian carrier’s quota share will pick up some losses, while 38% of the deductible on its aggregate cover is eroded.
-
The reinsurance chief sees no role for the ILS market, as pandemics are "badly defined", with no clear end point.
-
Richard Coulson, Richard Holden and Philip Vandoninck will all take on more senior roles.
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The announcement came after Australian Securities and Investments Commission said it had been investigating insurers’ exposure.
-
The appointment to the newly created position is the latest of several management changes.
-
The Swiss Bank said that the broker did not disclose issues around the supply chain financier’s insurance coverage.
-
Plus the latest executives on the move and all the top news from the week.
-
Firm order terms reveal an expectation from cedants of price increases between 5% and 10% on flood covers, in line with pricing momentum from 1.1.
-
The Dutch institutional investor discloses a 5.2% holding in the start-up.
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The analyst approves of the start-up’s blended reinsurance approach.
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The legacy specialist is balancing its portfolio with select MGA investments.
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The vast Japanese quake programme is to expand for the fifth year running.
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Hannover Re has emerged as an outlier by reducing its overall 2020 dividend, but its growth plans may alleviate disappointment about the policy.
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Written comments should be submitted by email by 3 May and the draft methodology is available online.
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A survey from the Bermuda Monetary Authority found almost 60% of P&C insurers have not changed their business strategy in response to climate change.
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$600mn round values Stripe at $95bn making the company one of the world’s most valuable private companies.
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Brian Boornazian will take on the role of executive chairman, with Emil Issavi as CEO.
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The MGA CEO says deductibles in North America need to rise as much as five-fold given an increase in claims frequency and severity.
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The company reports a 41% increase in full-year premium at HDI Global Specialty to EUR2bn.
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Plus the inside story on the Helios Ray crash and all this week’s top news.
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The marine hull and war underwriter will rejoin former colleague Chris Goddard, who launched the start-up last year.
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In securing the Enstar ADC, Axa XL has drawn a line in the sand and signalled a fresh start to investors.
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The key reinsurance gathering may yet go ahead despite Covid-19 uncertainty.
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The hedge fund reinsurer reports an underwriting loss of $1.1mn for the quarter, a fraction of the typhoon-driven deficit of a year earlier.
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The insurer is expanding its programme in line with underlying growth.
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The company has also acknowledged that former Ironshore CEO Kevin Kelley is set to join as non-executive chairman.
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Senior CorSo executive Ashley Hirst will take over innovation and transformation responsibilities at the primary unit.
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The business signals expansion into complementary lines after its 2018 reset bears fruit.
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The four major developments of the week include:
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Reinsurance underwriters and brokers anticipate a Japanese renewal largely unaffected by Covid-19 as negotiations continue to focus on payback for 2018 and 2019 typhoon losses.
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The deal will transfer legacy Pembroke business that still sat with Liberty Mutual Group for the 2018 and prior years of account.
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The Floridian insurer aims to renew just over a third of its private reinsurance placement in cat bond cover.
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Whether the Texas Deep Freeze ends as a $12.5bn, $15bn or $20bn insured loss, it will be a medium-sized cat event that will deal an earnings hit to carriers with exposure to the affected states.
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The former Arch managing agency director will focus on legacy business, M&A and alternative capital.
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Pressed for time? This selection of articles will bring you up to speed fast:
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The carrier increased US-exposed reinsurance limit by EUR250mn but almost halved its group aggregate.
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The latest loss figure has climbed by more than $300mn in the past year as the pandemic has delayed clean-up operations.
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The executive joins from DXC Technology, where he worked after spending 14 years at Lloyd’s.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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Mathias Neumann was chief underwriter of casualty and specialty at the Japanese company.
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In other appointments David Govrin becomes global CUO and Americas reinsurance president, and Monica Cramér Manhem international reinsurance president.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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This publication outlines five takeaways from Swiss Re’s 2020 results, which revealed a 11% cut in premium at 1 January.
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Plus an update on European (re)insurer results and all this week’s top news.
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The CEO lays part of the blame for the UK’s Covid-19 BI woes at brokers’ door.
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Argo is looking to redeploy capital from reinsurance and into high growth US E&S.
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The new board member has worked for the Agnelli family for over 20 years.
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The local underwriting head steps up to run the Irish operation.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The new recruit led casualty at Neon before the operation was shuttered last year.
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The executive joins after a decade at PartnerRe and will have a dual focus at the broker.
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The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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The agreement will initially focus on political risk and trade credit, energy and property business, with up to $25mn of capacity per risk.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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Also, an update on Lavant, company 2020 results and a round-up of our biggest stories of the week.
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Insurers are taking a “cautious approach”, especially with new risks, but overall capacity is at an all-time high.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
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Robertson will join as deputy group CEO before taking the CEO job, with Michael Watson staying on as chairman.
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The Bermudian expects pricing momentum to continue this year.
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The reinsurer completes its EUR453mn deal for 29.5% stake in French trade credit carrier.
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The appointments follow the promotion of Jeremiah Konz to chief reinsurance officer.
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Event definitions were also tightened at renewals, the broker said.
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The Australian carrier reported a 3% increase in reinsurance spend over the six-month period.
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The start-up changes its business model to selling data structuring and analytics services.
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The carrier predicts Covid’s reinsurance impact will drive market hardening.
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The investor’s largest portfolio company Nexus plans further acquisitions in 2021.
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The French reinsurer reported average treaty price increases of 7.8% in January and predicted rate growth through to 2022.
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Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.
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Offering crop reinsurance is the latest move since Core Specialty launched in November.
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The two PE firms each take a 30% stake in the business, alongside Arch management.
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He replaces Tim Mardon, who recently moved to Third Point Re as global head of property.
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The executive’s hire continues a run of talent that has joined BMS in the past year.
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The carrier plans to publish its first set of results on 23 February, after listing last year.
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Citi, Jefferies and Berenberg laud the carrier’s steep rate increases in specialty lines.
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Michael Yeats will oversee the carrier’s reinsurance offices in Bogota, Buenos Aires, Miami and Sao Paulo.
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The newcomer joins as independent director.
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The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn.
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The withdrawal of governmental support could be costly for (re)insurers on multiple fronts.
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Bryte has also granted an underwriting binder for its entire corporate property book to Sapphire Risk Transfer.
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Trying to answer the age-old question has deeply divided the market.
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Proposed changes intend to improve efficiency of the scheme and increase uptake of flood cover.
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The deal follows an agreement the reinsurance broker reached in December to partner with auction platform Tremor Technologies.
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The executive will move to London from Sydney as part of her new role.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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Maya Bundt says insurers can do more to advise insureds to treat cyber like they would ESG concerns.
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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The Australian carrier centralises its inwards reinsurance operation within the international segment.
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Pandemic recoveries are expected to tail off as cat aggregates are exhausted, while pricing trends are positive.
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Berkley has said it will offer 100% reinsurance protection for clients, or will happily share risk with cedants.
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Companies with strong brands still fall down on “traditional success criteria”, the InsurTech head says.
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RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
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His predecessor left the business following his conviction for assaulting his then-partner.
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The CEO said the French reinsurer will avoid court cases where possible in pandemic coverage disputes.
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Marine insurance and reinsurance are target business areas, the project partners said.
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CEO Brendan McManus outlines his ambitions following the Apax Partners deal.
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The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
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The organisation will also undergo a strategic review to reassess member support as they work remotely.
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The London-based investor says its 20% stake in the Australian MGA is now worth $10.5mn.
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Insider Hannah Tindal will move from Chicago to London to take the role of D&O head within the London regional unit and Nordic team.
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A bias towards quota share is the well-trodden route for start-ups and while it came with benefits for the class of 2020, there were also challenges.
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RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
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The Marsh JLT-owned business specialises in cover for floating power and desalination operations.
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Alternative capital providers have benefited alongside the “class of 2020” with post-pandemic growth, as specialist ILS assets grew 3.7% in the half year to 1 January.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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Fourth-quarter lockdown measures will push Covid-related P&C Re and CorSo losses up $400mn to $2.7bn for 2020, the analysts say.
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It is understood the book will be reinsured to close into Compre’s new legacy syndicate once the launch is approved.
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Deployed capacity is recovering and claims were below expectations but ending government support could negatively hit the market.
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The Michael Watson-led business has yet to appoint banks and may not pull the trigger on the move.
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The executive will be replaced by Peter Elliott on an interim basis.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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He will take over from current CEO Rupert Swallow next month.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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Plus a mixed week for Lloyd’s, the asbestos potential of Covid-19 claims and a round-up of our most-read stories from the week.
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The outgoing finance chief will stand down in July but stay on in an advisory capacity until the end of the year.
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But Barclays warns the judgment could result in more substantial loss creep for major European reinsurers.
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Scully fills a gap left by the departure of Steve Hartwig to Ark last year.
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The additional raise takes the carrier’s committed capital to $3.2bn.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The capital supports the MGA’s excess retro portfolio.
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The new classification will allow the carrier to increase GWP and third-party risk.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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Sources warn further unrest is possible and anticipate rising demand for SRCC and even full political violence cover.
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The move follows Axa LM's decision to cease bidding for new external deals, revealed in September last year.
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Last year was a record year for cat bond issuance, with total limit placed reaching $10.9bn.
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This publication looks at 10 issues that will shape the industry in the year ahead, from rate sustainability to start-up progress to the post-Covid recovery.
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Also: take-aways from 1 January renewals, AIG tightens reins on cyber, and more.
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Nick Foden-Pattinson will lead the team, supported by Jeremy Brasier and Tony Key.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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Entering reinsurance will be tough, but Ardonagh’s latest project is no surprise
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The flood insurer cut just under $200mn of limit from its renewal, enabling it to pare back its outlay, although nominal programme-wide rates rose 13%.
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The CEO outlines his vision for the start-up in a full and frank interview with this publication.
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Second- and third-event retentions rise from the year-ago arrangement.
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The executive has become a partner in the broker’s structured solutions team.
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The expansive broker sees an opportunity in a highly consolidated reinsurance market.
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The broker reports mid-single-digit to low-teen rate growth on non-loss-impacted US programmes.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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Retro rates are at an eight-year high, according to the broker.
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Reinsurers achieved limited price increases in the late and complex renewals.
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The broker’s 1st View report said rate change may have disappointed some reinsurers but remediation focused on specific stressed pockets of business.
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Key themes included new capacity, a more buoyant retro market than expected, drawn-out amendments to exclusionary wordings, and quota share demand.
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Loss-free accounts are repricing by high single digits but the real battle is over terms.
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Founding CIRCA members include Greenlight Re and Barents Re, as well as Knighthead and Nassau Re, whose senior executives take chair and vice chair roles.
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The Arch Worldwide Insurance chief will take up the new position on 1 January.
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Specific hopes may vary by company type, but one theme resounds for us all.
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Major consolidation laid the ground for current new launches, the Conduit chairman suggested.
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The carrier said there were plans to grow the team further and its US and non-US sides would be merged.
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The regulator said that the Own Risk Solvency Assessment should take account of Covid-19.
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The broker said that it expects double-digit growth for most property syndicates for 2021.
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There are enough reinsurers with dry powder and increased risk appetite to keep a lid on rate rises.
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Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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Insurers will provide risk management expertise and capacity to aid the global distribution effort.
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The portfolio is mostly made up of third-party liability motor business.
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The partnership will roll out over the next 12 months and will write a range of admitted property and casualty lines.
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Other key hires include Marc Bearman as head of specialty for marine and energy and Andrew Smith as CRO.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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David Gallagher has left his role, after more than 26 years with the business.
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The majority of the $3.1bn reinsurance tower switched to a two-year deal last year.
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Ceding commissions are not falling as reinsurers look to capitalise on insurers' re-underwriting.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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Insure Our Future said Lloyd’s proposals were a step in the right direction, but must be implemented faster.
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Fellow founder Will Thorne will take over the leadership responsibilities and manage its second fund.
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The CEO called reinsurance an incumbents’ market, despite the influx of new capital.
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Regulators, investors and activists are monitoring the (re)insurance sector increasingly closely.
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California blazes including the Glass Fire have driven up the estimate considerably since September.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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The search for yield is back on, raising questions over how long the market uptick will last.
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The legacy transaction is the first undertaken by The Carrick Group since it was launched last year.
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The client tool will provide real-time data on pricing, profits and claims.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
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The data and analytics head said investment strategies still hadn’t changed radically despite suboptimal returns for more than a decade.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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This event brings total Australian hailstorm losses to over A$3.64bn in 2020, Perils said.
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The regulator says it wants a clear position on the issue as soon as possible after the Supreme Court ruling on the BI test case.
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The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
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Both storms had landed in the country as category 4 storms within a two-week period.
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The North America property underwriter joins from Markel alongside a slew of former Hiscox colleagues.
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The reinsurer was placed under review in March amid turmoil in its management.
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In its 2025 strategy, the carrier flagged “ample” opportunities in reinsurance and plans to expand in US specialty
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The leading reinsurer pledges to boost earnings per share by 5% annually within five years.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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The ratings agency said supply-demand dynamics had improved, but thinning reserve cushions could prove a headwind to companies.
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The milestone for the Neil Eckert-led start-up comes just days after raising $1.1bn in an IPO.
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The appointment reflects a diversification push at the carrier.
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The US carrier has offloaded a tranche of liability business written out of London.
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Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
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Other listed insurers lose ground in London trading.
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The executive will work as a business development manager, raising awareness of the need for coverage.
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New (re)insurance ventures seal financing and secure top talent ahead of the 1 January renewals.
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The executive will lead the retrocession and property specialty segments.
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Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.
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The latest appointments include former Markel property head Peta White and former EY partner Gail McGiffin.
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One top-tier broking source claimed that across the market, claims were being settled in two-thirds of the usual time.
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Reardon, Dudek and Roberts are all set to be reunited with former colleagues including Jeff Clements.
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The deal will help the Aquiline-owned syndicate diversify away from motor insurance.
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A range of sources in the reinsurance market said cedants needed a stark reassessment of primary rates.
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The executive will join on 21 December as an international cargo team leader.
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The MGA will write business under the Co-op brand as part of a 13-year partnership.
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Wrangling over the award of Petroecuador’s 2021 cover has left reinsurers unsure of which primary carrier and broker to back.
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Based in Zurich, the former Schroders executive will become senior property underwriter for France, Benelux, Iberia and Africa.
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Shazia Aslam Rafique has worked at LSM since 2003 and has over 21 years’ experience in the industry.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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The latest hire follows the appointment of fellow Guy Carpenter marine and energy broker Andy Massingham last month.
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Wickens replaces Andy Coleman, who left in September to join MGA OneAdvent.
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The new vehicle has hired ex-Aon Benfield UK chief David Ledger as non-exec chair.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
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Former Starstone Group president Richard Sanford takes over the executive role on 1 January.
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The club reported a combined ratio of 102.2% for the first half of 2020, and an underwriting deficit of $2.2mn.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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The court finds no “justifiable doubts” around the arbitrator’s impartiality after the US oilfield services company alleged bias.
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The latest recruit is returning to Swiss Re after five years.
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Joint research finds that remote working has challenged the London market’s ability to innovate commercially.
-
The Convex CEO also outlined difficulties facing the pandemic working group.
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Has there ever been a more interesting time in (re)insurance for mergers, acquisitions and new capital formations?
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The appointment follows the addition of Lockton’s Allison Hollern to the John Hopper-led financial lines team.
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The insurance regulator suggests Solvency II reforms should include a provision to ban shareholder handouts in times of crisis.
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The investment consortium has also finalized an operational partnership with Apollo Syndicate Management.
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Steven Kent, who worked at the carrier for just under five years, has joined GFG Alliance as CUO.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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Brokers are navigating a market where new capacity from underwriters who have waited out the soft market may help dampen price rises.
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The Floridian carrier has agreed terms for a new reinsurance treaty that increases its cession rate by eight points to 30.5%.
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Ada Capital will underwrite on behalf of new special purpose insurer Ada Re.
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Sources said that the carrier’s equity raise was the more efficient path to securing growth capital.
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The polarisation of views on Covid losses is so wide, and the sums at stake so large, that it is inevitable some reinsurance claims will end up in arbitration processes.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The start-up envisages expansion into insurance “in the coming years”, AM Best said.
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The executive takes over from Peter Welton, who was made UK & Lloyd’s CUO for marine, energy and aerospace earlier this year.
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The SPA’s main capital provider did not give a reason for the decision but the syndicate has not turned an underwriting profit since inception.
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The carrier said its new EUR750mn funds from Covea would help to reduce financing costs.
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Perhaps the biggest question about the facility is why Swiss Re and PartnerRe are backing such a deal now.
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Court rules policy exclusions referring to outdated law not valid.
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The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
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The reinsurer was launched in September with backing from Helios Investment Partners.
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Agis Kitsikis succeeds Stefan Behr, who has become head of business development for EMEA.
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Existing capacity relationships include those with Aviva and Tokio Marine HCC.
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The week also saw Cinven agree to buy Miller from Willis Towers Watson.
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The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.
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The new paired entity will allow the company to grow its reinsurance business, starting with a deal covering $10bn of annuities.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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Tech innovators would be forgiven for looking at our industry and wondering how so little about the way it operates has changed in the past two decades.
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Managing agent Coverys attributes the decision to the syndicate’s performance.
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The executive has worked at Axa XL and legacy XL Catlin since 2011.
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The move comes as Markel Re closes down its independent cat reinsurance underwriting.
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The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season.
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Guido Benz will join the business next spring and report to Lee Meyrick
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The executive will join as a senior property broker in the UK & Ireland and specialty casualty team.
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The 1 January renewal will be a battle for the biggest slice of post-Covid upside.
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The company’s reinsurance result took a hit from $113mn of Covid-19 claims and $308mn in losses from hurricanes Laura and Sally.
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The carrier says its programme performed "as expected" but it anticipates needing less cover in the future as it seeks top line growth.
-
Also more on the Ariel deal, RSA faces break-up and highlights from our London Market Live conference.
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London Market Live panellists insist (re)insurance clients value stability and longevity over cheap capacity.
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The experienced broker had been freelancing for almost two years.
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Profits slipped 77% but CEO Jurecka said he was optimistic about the firm’s underlying performance.
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Direct investment has propped up the reinsurer ILS platforms, but further evolution will be needed.
-
The carrier’s year-to-date pandemic losses in P&C re hit EUR2.1bn.
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CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurer bolsters P&C re Covid-19 reserving by EUR100mn in the third quarter, taking the total to EUR700mn.
-
Hudzik is a thirty-year plus veteran of the (re)insurance market having also worked at Endurance, Zurich and AIG.
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Ariel Re will focus on key lines of business, including cat, retro, marine and professional lines.
-
CFO Dacey also highlights P&C re reserve strengthening after significant aviation loss deterioration.
-
Plus more on the Miller sale, a run-down of executive moves and our most popular news stories of the week.
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The reinsurer warns of pandemic-related uncertainty and adds another $500mn to Covid claims and reserves, taking the total to $3bn.
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The insurance industry should use the wake of the pandemic to “build back better” says the Axa CEO.
-
Net investment income grew by 54%, which partially offset an underwriting loss.
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Asian reinsurer looks to expand as prices increase.
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The former Aon retro broker joined the firm several years ago.
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Manders had been with the company since its launch in 2005
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The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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Mike Connelly was previously The Hartford’s specialty commercial CFO.
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The carrier says higher retro renewal costs will act as a counterweight to rising rates.
-
It’s always fascinating to bring together global reinsurance executives for a 90 minute debate, but doing it virtually in September, half way through the hurricane season, adds extra spice.
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CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
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The hedge fund reinsurer offered to merge with Sirius in May 2018, before the company’s listing on the Nasdaq exchange.
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Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
-
The former Verto Syndicate 2689 deputy active writer parts ways with Peter Mills' start-up.
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CEO Michael Pickel says Covid-19-related losses and the low interest rate environment have made price increases “absolutely essential”.
-
The European reinsurance chief says interest rates and loss experience drive the carrier’s hardening stance.
-
Backing comes from industrial investor Ajay Kumar through his family office.
-
Some reinsurers pulled quotes as the shock waves of ~$650mn of creep reverberated.
-
With the announcement of a tiered system of Covid-19 restrictions in the UK this week as cases continue to rise in various regions, it is clear the government is fighting fires on every front.
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Jon Warner will join early next year as senior account manager.
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The Japanese reinsurer already offers P&C cover out of its Zurich subsidiary.
-
The expansive broker continues to upsize its team in London following the appointment of Dominic Riley.
-
The reinsurance CEO says Swiss Re will cut back its US casualty share.
-
Anson Aguiar becomes CUO of the just-launched Pallas Reinsurance.
-
The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
-
The venture is led by Guillermo Eslava, a former Swiss Re and Brit underwriter who briefly joined Argo in 2019 as head of LatAm casualty.
-
The reinsurer dubbed "Vantage" also secures Aurora Swithenbank as CFO.
-
Government shift to immediate priorities and the complexity of the issues prompt a pause.
-
The 50:50 joint venture will sell automotive and mobility insurance products, starting in France next year.
-
The former GL leader takes up a New York and Connecticut role.
-
The expansive ILS firm is likely to look for debt funding to remain staff-owned.
-
Liability account move is latest development in ongoing reinsurance buying overhaul.
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The move will allow Markel to leverage Nephila's position and generate operational efficiencies, co-CEO Richie Whitt said.
-
Former Markel underwriting executive Trevor Carvey will also be part of the leadership team.
-
The carrier will use the proceeds of the offering for general corporate purposes.
-
The executive said the market has had “a really poor stretch” of earnings.
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The alliance will initially focus on the machine tools and transportation industries.
-
The CEO said future uncertainty and the “enormity” of corporate debt posed a significant challenge for the insurance sector.
-
The changes move away from a management structure built around types of business.
-
Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
-
Also more on London market stress, Watford in play and some rare positive Covid-19 news.
-
Analyst Philip Kett suggested that the carrier has "adequate but not comfortable levels of capital".
-
The Bermuda carrier will be an initial investor in Griffin Highline.
-
The short-tail lines specialist is to depart after 15 years.
-
The investment relations head will also join the group executive committee next month.
-
The new hires join as CFO and COO under recently arrived CEO Juan Andrade.
-
The executive’s departure from the Willis Towers Watson merger partner follows that of other casualty reinsurance colleagues.
-
EMC and Church Mutual turn back to reinsurers after devastating wind losses.
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The company listed on the Nasdaq in March via a reverse merger with Tiberius.
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BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
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Two executives are promoted as CUO Ángel Rosa departs to lead Verti Germany.
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The carrier unveils a carbon management strategy to tackle climate change.
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The funding will be used to introduce new features and grow its team.
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All employees received a one-off special bonus in June using the company’s unused travel and entertainment budget.
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The Zurich-based Munich Re subsidiary replaces Renate Strasser.
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The broker said that club members had suffered in both a business and personal sense during the pandemic.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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The reinsurance convention will take place between 11 to 16 September “subject to the health situation”.
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Reinsurers' response to pandemic-related BI claims came into focus, while start-ups continued to be spawned and takeover deals pursued.
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The executive is to take over all global insurance lines including AGCS and Euler Hermes.
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The two biggest reinsurers are said to be taking up a leadership role as the market starts to address the T&Cs challenge.
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Firms will not cover their cost of capital this year, though capital positions remain robust.
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Watford is reportedly evaluating a bid from Arch amid heightened pressure from shareholders to pursue strategic alternatives.
-
Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
-
Market identifies TigerRisk and Gallagher Re as key contenders for mid-market position.
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Collateralised capacity will retain an important role in the retro niche.
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When we set out our initial plans for (Re)Connect, it was something of a daunting task.
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Hurricanes Isaias and Laura produced the bulk of losses for the insurer, which is drawing down on an aggregate cover.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
-
The Peter Scales-led vehicle is reunited with the private equity house.
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The two CEOs say the combined entity will focus on emerging risks, new forms of capital access and “under-served” pockets of the market.
-
Lockton Re and McGill and Partners argue clients will look for more choice after the Aon-Willis merger.
-
Experts on a (Re)Connect panel recommend future backstops must ensure policyholders, governments and insurers have “skin in the game”.
-
All the pieces were in place for real rate improvement, according to Steve Arora, CEO at Axis Re.
-
The appointment is the latest in a string of hires at the expansive broker.
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The underwriter has over two decades of experience and worked in origination and analytics at NewRe.
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The former Verto CEO is fundraising to begin writing as an MGA in 2021.
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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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Who is raising it, how much it will cost, and how best to use it – a round-up of the key points from the second day of (Re)Connect virtual conference.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
-
The expansive reinsurance broker continues its recruitment drive.
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No one business is likely to make a significant impact unless it has $7bn of capital or more, the Everest Re CEO said.
-
The CEO says recent trends are affirming the assumptions made before the carrier’s $1bn equity raise.
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The (re)insurer would, however, consider a culturally compatible merger if the opportunity arose, the chairman and CEO said.
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The debate over how far Covid losses will escalate is not the only key to January renewal dynamics.
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We round up the biggest themes from our five-day virtual conference, which welcomed 2,600 delegates this week.
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In a (Re)Connect discussion, panellists said outcomes varied significantly by line and territory but capacity supply was more constrained heading into 1 January.
-
The appointment follows a number of senior departures from Aon’s reinsurance ranks.
-
Insurance Insider wraps up some of the key themes from Day 1 of the (Re)Connect conference.
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The combination of Covid-19, an active hurricane system, hungry investment capital and a sense of market urgency is causing 1.1 to shape up as one of the most interesting renewals for decades.
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The reinsurance CEO says clients expect a “broad spectrum” of advisory services.
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The carrier participates in payout schemes to policyholders despite doubts over coverage.
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The reinsurer’s CEO predicts two “very good years” as the rate environment improves.
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The Hannover Re CEO forecast that rate momentum will grow from levels set in mid-year 2020.
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Cyber crime and other potential system hazards should be proactively addressed.
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The reinsurer says US property catastrophe rates are now “satisfactory”, with more upward pressure to come.
-
After a period of churn in the market, further turnover is expected as start-ups get underway.
-
The executive says a time lag for start-ups to achieve profitability would favour incumbents.
-
The reinsurer, like other carriers, is currently excluding the peril from events cancellation cover.
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer.
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Retro drawback and concerns over performance in some lines will temper some expansion, say execs.
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Covid losses, lower premiums and low interest rates may impact performance in 2020 and 2021, the agency warned.
-
The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.
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Piccolomini and South pick up Advisory, while Clarke will head up global placement.
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Smaller reinsurers and Lloyd's carriers will be more impacted than global top-tier firms, the broker forecast.
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Megan Thomas will replace David Brown, who took the interim role on the departure of Kathleen Reardon last month.
-
Net profit at the open market arm of the French state reinsurer rises 71% to EUR29mn on tax tailwinds.
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Improved underwriting margins thanks to hardening rates were eclipsed by falling investment returns in the first half.
-
The ratings agency says reinsurance resilience is “starting to crack”.
-
With the market scattered and a high degree of uncertainty around 1.1, rhetoric and narrative building may matter more.
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The move by the founding shareholder follows activist investor pressure on the reinsurer.
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The carrier reports lower-than-expected life claims linked to the pandemic.
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The international chairman says poor investment returns will drive push for rate adequacy.
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The Bermudian manager is looking to broaden its platform.
-
Sources also identified Arch and Hampden as participants in the accelerated auction.
-
Covid-19 losses and other catastrophe events have exhausted the catastrophe budgets of many companies, the ratings agency said.
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The industry is not yet in a hard market, said group CUO Thierry Léger.
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Warren Berkstresser will focus on US property treaty and specialty programs and open and run the broker’s new Seattle office.
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The transaction covers casualty reserves for the 2009 to 2017 years of account.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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CUO Golling calls for government-backed national pools with parametric triggers and mandatory coverage.
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The carrier will also take low triple-digit-million euro hit from Laura, Hanna and Isaias.
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The start-up broker adds Aon’s Simon Coles and Stewart Smith to its growing reinsurance unit.
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The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
-
Gallagher reinsurance unit hires second key broker from Aon in a fortnight.
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The deal covers subject premium of around $2bn and will run for 18 months.
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The carrier targets liability growth in 2021 as pricing hardens.
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The top 10 carriers continue to write the lion’s share of global premiums.
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Typhoon Haishen is following in the wake of the storm, and is currently forecast to approach South Korea at Cat 4 strength
-
Fundraisings mitigate Covid-19-related capital pressure, the rating agency says.
-
Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
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The name change follows Gallagher’s January buyout of the outstanding shares in the company.
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The Farm Bureau programmes feature strong Lloyd's participation, while depop carriers are ones to watch.
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The reinsurance broker said mid-year excess capacity was at its lowest point since 2012.
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An early view of Hurricane Laura damage, more pain in store for Lloyd’s, and continued capital raising activity.
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The marine and composite broker is understood to have placed portions of the IG’s reinsurance programme.
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The former Hiscox CUO has $300mn of cornerstone backing from the PE firm to make a deal happen.
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Stinging energy losses could be added to a slew of painful marine and aviation losses in August.
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Storm surge losses are expected to remain under $500mn.
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The state insurer of last resort buys cover from a much lower-attaching level than its Texas peer.
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The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
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Alternative reinsurance capital fell by 2.7% in the first half of the year, as Covid-19 uncertainty weighed on the market.
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Sources estimated combined property and crop claims could reach $4bn up to $10bn.
-
The research firm puts average Covid-19 losses as a percent of net earned premium at 4.4% in the first half.
-
Does the collective edge of apprehension over storms add to the factors for 2021 rate correction?
-
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Australian carrier’s expanded reinsurance structure kept net cat costs at A$820mn.
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Waterdrop has been valued at nearly $2bn in the funding round.
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Owner Tawa had in 2015 made a failed attempt to sell the run-off business, whose book includes asbestos and other health liabilities.
-
The beleaguered carrier raises $380mn through the sale of new stock.
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The new arrival will be an executive committee member and report directly to president and CEO Peter Hearn.
-
Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
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The research firm says the pandemic will become the leading example of “silent” coverage uncertainty.
-
Sue Ringold and Bill Orendorf will join Roman Romeo’s team in Bermuda.
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The Bahraini carrier takes action following H1 losses and governance concerns.
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The executive joins after 15 years at the Fairfax-owned carrier.
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Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
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Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
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The group’s combined ratio improved by 9.5 points to 95.9%.
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The Texas state-backed carrier secured $2.1bn in cover for the 2020-21 hurricane season for $107.5mn above the $93.1mn budget.
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HDI Global Specialty drives premium growth in the division.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
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Third Point Re said the deal would also “turn the page” on its days as a hedge fund reinsurer.
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The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
-
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RFIB colleagues Xueyang Wang and Steve Chung will also join the executive at RKH.
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Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
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The carrier booked higher natural catastrophes and loss deterioration on its crop book.
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The London market business booked the majority of its Japanese parent’s fiscal Q1 Covid-19 losses.
-
Former HDI finance chief Jungsthöfel will be replaced by Christian Hermelingmeier.
-
“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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The executive joined the company last year from Swiss Re and has also worked at AIG and Willis.
-
The carrier’s top team says price increases are now spilling over into loss-free lines and regions.
-
Investors react after the carriers’ group earnings almost halve year on year.
-
Reinsurance, crisis management and art and specie are areas of opportunity, according to the Axa XL chief.
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The Lloyd’s business is looking to raise $800mn of new equity and $200mn of debt.
-
This week we discuss the impact Covid-19 trapped capital is having on the retro market and the surprise investment partnership between Covea and PartnerRe.
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The carrier is also honing its focus and redeploying capital under new CEO Amanda Blanc.
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Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half.
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The carrier cancelled its share buy-back plan in order to reinvest capital into reinsurance growth.
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Group operating profit fell 84.4% in the quarter after pandemic claims and a series of large losses.
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Sources told this publication that the carrier could be mulling an open market entry.
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The company confirmed it had bought $500mn of additional catastrophe aggregate.
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Insider Quarterly is still a teenager. It may be mature, but the publication that began life in 2001 as the features offshoot of Insurance Insider has yet to reach its 20th anniversary.
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As lawmakers propose sweeping measures to rewrite pandemic exclusions, insurers are relying on protections enshrined in the Constitution to resist an onslaught of BI claims, writes John Hewitt Jones.
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Jean-Paul Conoscente says Scor’s capital strength and flexibility put it in a good position to take advantage of further rate rises and increased M&A activity next year. Rachel Dalton reports.
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Covid-19 has propelled the (re)insurance world into the 21st century, writes Suliman Mulhem, with remote working likely to persist for some and a five-day week becoming history for others.
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The coronavirus situation and the far-reaching economic impacts of Covid-19 suggest the benefits of being an ‘analytical insurer’ could become even more relevant and compelling, says Dave Ovenden.
-
Andrew Schütte offers some relationship counselling for insurers and coverholders.
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The London Matters 2020 Report shows that the market’s strong fundamentals have provided support in challenging times, writes Clare Lebecq.
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Businesses must anticipate crises beyond the current economic situation, as Covid-19 places further stress on other underlying issues, creating potential exposures to unforeseen risks, says Travelers.
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The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor
-
The carrier cut its exposure significantly in the first half of the year as the firm reassesses its view of risk
-
Former Axa XL property treaty head Catherine Turner will co-lead the unit with Richard Evans.
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The departure comes after a 21% contraction in GWP at the unit in H1.
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The group reserved $232mn for Covid-19 related claims and cut back on its Re & ILS GWP.
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FCA BI case hearing closes; Covid crushes carrier results; Convex and Whitespace fundraises.
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Group margins expand by 240 basis points as the group slashes expenses.
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This week the team looks at the prospects for Convex’s new capital raise as well as the CEO transition at PartnerRe.
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The company says the bulk of the pandemic hit came in the first half as it predicts a “manageable” impact.
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The CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
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Guy Carpenter achieves 9% underlying expansion, while group organic revenue shrinks 2%.
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The incoming CEO plans growth in retro, cat and property per risk as pricing improves.
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From 17 August all of the facultative (re)insurance and specialty content hosted on Inside FAC will be moving to our reinsurance and London market title, Insurance Insider.
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Project is in its early stages, with a round of meetings held to stress test it with PE firms.
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Analysts had expected the carrier to make a first-half profit, but reserve deterioration and higher Covid-19 claims impacted results.
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The carrier reported a combined ratio of 106.9% as it absorbed Covid-19 losses mainly from its property book.
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New rules also aim to prevent an overreliance on reinsurance and to encourage cedants to use multiple risk partners.
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Socially distanced golf course meetings show that the "old ways" are still going strong.
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Corporate travel restrictions played a large part in the decision to cancel the October conference.
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After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
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The EUR22.3mn loss follows a EUR29.4mn loss in the first quarter.
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Lockton Re has hired Graham Barden from Guy Carpenter as chairman of its aviation and aerospace practice.
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The executive will take on a managing director role and be responsible for all of Barents Re SA's operations, including London.
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The broker returns to Lockton as the company continues its hiring spree.
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The Australian carrier lifts its guidance on natural catastrophe claims to A$904mn ($644mn) from $850mn.
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The French reinsurer guides away from an equity raise as it predicts further rate hardening.
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The insurer is close to attaching a $280mn aggregate reinsurance deal.
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Ex-Novae deputy CUO to become active underwriter at Syndicate 2358.
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Insider promoted after 10 years’ service.
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The carrier reports stronger than expected GWP growth and renewal rates expansion of 11%.
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The carrier's P&C unit swings EUR111mn into the black in Q2 as the combined ratio deteriorates 17 points.
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The ratings agency said the carrier will be “challenged to improve its underwriting performance in the short term”.
-
The consortium plans to offer cover triggered by WHO public health emergency declaration.
-
The executive makes the move after almost five years at Aon.
-
Guy Carpenter has made further hires to its facultative division, GC Fac, with the appointments of three senior executives within its property fac segment.
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The Irish entity created for Brexit seeks authorisation on the island.
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Guy Carpenter has launched a new hybrid solutions division within its facultative operation, GC Fac, and has hired Laurence Upton from Willis Towers Watson to lead the new unit.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
-
Guy Carpenter has confirmed the appointment of Henry Lawrence as head of US facultative business in its UK office.
-
Carlo Bewersdorf joins from Hannoversche Lebensversicherung as the white-label digital insurer prepares to become a standalone business.
-
The LPT could help make the E&S writer a more attractive takeover target.
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After losing its A- status, GIC Re faces the potential for lost business and a hard road to recovery.
-
The template could become a blueprint for a post-Brexit deal with the EU.
-
Syndicates have collectively requested around £11bn in new business for next year as market conditions improve.
-
This private sidecar deal brings total investment by PGGM to roughly $500mn.
-
Over four fifths of (re)insurers surveyed before the Covid-19 pandemic incorporate ESG into asset allocation, the asset management arm of the US bank finds.
-
The broker has made a number of recent hires, including in the energy division in London.
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The InsurTech will close its own book of insurance business and work to develop Direct Line Group’s technology offering.
-
The executive director of treaty could depart in October, sources suggested.
-
The latest defection continues the stream of talent exiting the broker for Guy Carpenter ahead of Willis’ merger with Aon.
-
It is expected that changing reinsurer appetites could fuel further rate momentum in the primary market.
-
The total return player trades at only around 40 percent of book value when marked-to-market.
-
Activist investor Voce had previously criticised the performance of the firm's international businesses.
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If none of the major post-Covid start-ups sets up at Lloyd’s, it will have lost ground to Bermuda.
-
The executive crosses over after spending his entire 30-year career at Willis as dislocation from the broker's takeover deal with Aon begins in earnest.
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The market hones its US focus on reinsurance and surplus lines.
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The settlement prevents insurers from pegging claims developed over years of exposure to a reinsurance policy year of their choosing.
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US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
-
Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
-
The leadership shake-up comes after Gallagher completed its purchase of the company in January.
-
(Re)Connect is a chance to reimagine the old Monte Carlo format in a digital way.
-
The e-trading platform’s usage has surged since the insurance market began working remotely.
-
The Northeast P&C insurer said it is expecting AM Best to review its financial strength rating in response to the cutback.
-
The German insurer has placed a new EUR200mn worldwide cat agg deal.
-
Data standardisation and tech investment could ramp up the industry’s understanding of cross-class events, says Karen White.
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It will have a maximum line of over $20mn and allow members to adjust lines on a risk-by-risk basis.
-
The long-serving executive is to depart as clutch of other Australia-based staff resign.
-
A round-up of recent news on insurance technology initiatives and start-ups.
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Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.
-
Consultation on amount of premium ceded and how much liability the state will shoulder has caused delays.
-
Rate increases should continue but may be increasingly fragmented by January 2021.
-
The move comes as the rating agencies show signs of an increasing willingness to take negative actions.
-
Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
-
The move comes as a broader range of better performing syndicates are told they can “file and use” 2021 plans.
-
Lockton Re has hired Anthony Izzo as a senior broker in its New York office, reporting to Nick Durant, CEO of North America.
-
The investment hit to the industry has nearly been erased, while capital raising is approaching the scale set by the class of 2005 start-ups.
-
The broker’s global P&C hub has given clients a single access point for Bermuda, London and Singapore markets.
-
The licence makes it the first Shanghai-based reinsurance subsidiary and the first foreign-owned reinsurance subsidiary in China.
-
There is only ‘limited validity’ in comparing the Covid-19 losses to those experienced in 2001, the report said.
-
Willis Re's head of international says retro buyers are finding alternative levers to manage their capital as the market hardens.
-
Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn.
-
Capacity remains adequate but the focus on returning to underwriting profit is driving up rates.
-
The two-tranche deal will provide US storm and Canadian quake cover.
-
Sara Steiner joins from RenaissanceRe, where she was most recently vice president of casualty treaty.
-
The group says Stephen Catlin’s steering group needs to go further.
-
Carrier will not publish profit target for 2020 after March withdrawal.
-
Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
-
The vehicle will give the legacy acquirer easier access to growth markets in North America.
-
The government pledges immediate changes to the financial services rulebook as the end of the Brexit transition period looms.
-
The firm has unveiled a range of measures in support of the Black Lives Matter movement.
-
Underwriters point to gentle rate increases at mid-year but expect dramatic turn at 1 January.
-
The launch will mark the third follow-only syndicate in the works within the Lloyd’s market.
-
Scott Mackie reports to property treaty SVP Richard Mairano.
-
The regulator also discovers a “patchy ability” to assess cyber risk in the 2019 exercise.
-
The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
-
The cover, which is stable from 2019, was brokered by Aon.
-
The Apollo subsidiary expects to deploy about $1.2bn over the next 12 to 18 months.
-
Willis Towers Watson’s global head of broking for natural resources, facultative, James Goodwin is to join Guy Carpenter’s facultative reinsurance division (GC Fac).
-
Markel International has cut back its personal accident, contingency and entertainment (PACE) portfolio, within the wholesale operation, to concentrate solely on entertainment business.
-
The early renewal approach has been met with opposition from Lloyd’s reinsurers.
-
Carrier says it will propose new CEO well in advance of 2021 AGM.
-
Antares Underwriting CEO Joe Battle and head of ceded reinsurance Richard Anson are expected to leave the firm following a strategic review of the business by parent company QIC.
-
Uniting our offerings for the US market will create a solution with unrivalled breadth of coverage.
-
This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
-
The activist investor has called on the Scor board to consider a merger.
-
Far Horizons Capital is also suing JP Morgan for misrepresenting the reinsurer’s prospects when it was founded.
-
The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
-
The first-time financial strength rating comes with stable outlook.
-
The London chief seeks leadership positions but may contemplate pivoting most of Syndicate 1955 to follow.
-
Executive says he has “never seen Fairfax shares sell at a bigger discount to their intrinsic value”
-
Sirius’ ownership and governance structure still creates scope for progress to signing to be complicated.
-
The action follows news last week of a $610mn capital injection from PE investors into the US operations.
-
The week was dominated by a news of a flurry of fundraises and a buy-in from two former Validus execs.
-
The legacy transaction will cover loss development at the carrier's operations, including its E&S business.
-
While many brokers are embracing clearing platforms, some firms feel threatened by the technology.
-
Marine liability, specie, terrorism and general aviation have been identified by sources out as better-performing areas of the business.
-
The historical evidence suggests that capital raising will not necessarily kill the rate rises.
-
Bisset has worked at Aon and legacy entities for more than 20 years.
-
ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
-
The 3.6 percent discount to the undisturbed share price is the narrowest of the recent stock issues by the London-listed specialty trio.
-
InsurTech details fac, proportional and per-risk cover in IPO filing.
-
Stuart Bridges and Russell Merrett are also working on the venture, with Evercore retained.
-
Market entrepreneur profiles potential acquisition targets and starts capital discussions.
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The underwriter will be responsible for the strategy and underwriting of the business segment.
-
Hannover Re’s Henchoz elected vice-chair of the 12-company-strong forum.
-
Guy Carp, Aon and TigerRisk are among the intermediaries that have submitted bids.
-
The carrier only bought $620mn of new private reinsurance limit as it didn’t want to lock in multi-year cover at current rates.
-
The spectre of wholesale trapping of capital ahead of 1 January is further dislocating the market.
-
Wiltshire will focus on London market reinsurance whilst Titcomb will conduct marine business.
-
Carlyle-backed broker buys Munich-based reinsurance business.
-
The deal was announced in November last year, setting Fortitude Re on the path to independence.
-
The Swiss carrier will take a 1.5 percent stake by buying into a London global depositary receipt listing.
-
The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
-
The broker says that the industry could help provide resilience against global outbreaks.
-
The broker said that delaying the set-up of public-private partnerships would hinder economic recovery.
-
The Florida-based insurer’s spend rose by 17 percent to $262mn.
-
Shares in the carrier rise more than 4 percent in the New York morning.
-
The carrier retained more risk in the first layer of its programme.
-
The executive steps down after 14 years but will work as an adviser to the Hannover Re parent.
-
The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.
-
The company is targeting more than four-fold growth in program GWP and Ebitda at the unit of over $50mn by 2022/23.
-
The carrier lifted its level of multi-year cover.
-
JC Flowers vehicle targets specialty retail, US wholesale and reinsurance in relaunch.
-
Aon's Julie Page, Marsh's Chris Lay, former Home Secretary Amber Rudd, and ABI chair and Allianz UK chief Jon Dye join the initiative.
-
The German reinsurer’s performance “will decline” this year amid Covid-19 turmoil.
-
The carrier says the response and recovery after events could be hampered by Covid-19.
-
The probe will address investor Squadra’s complaints.
-
Carrier notes property policy BI does not usually Covid-19.
-
Organisers want more time while regulations on mass gatherings are finalised by local authorities.
-
Hannover Life Bermuda chief Cardinez has been promoted to the role.
-
The carrier said advice given by European regulators on carriers’ response in the crisis was a key factor in the decision.
-
-
The impact of the pandemic on the mortgage insurance market has been muted thus far.
-
The Digital Partners CEO says funding struggles among small InsurTechs present acquisition opportunities for the carrier’s larger partners.
-
The expansive broker adds another former JLT Re executive, intercepting Martin Stephenson’s move to Aon.
-
The parent group predicts a 14bn yen ($130mn) impact in the 2020/21 year from Covid-19, rising to 30bn yen in a worst-case scenario.
-
The report struck a positive note but wider issues which threaten the market's future have not yet been fully resolved.
-
This publication digs into the report for details on performance, growth drivers, market concentration and skillset.
-
The Californian insurer said rising reinsurance costs were digestible.
-
The London Matters report finds EC3 lost reinsurance market share between 2015 and 2018.
-
Use of private deals and differential terms marks a renewal that Covid-19 has swung in reinsurers' favour.
-
The executive was believed to be in line to succeed CEO Mark Cloutier.
-
The ratings agency predicts an aggregate 2020 combined ratio of between 101 percent and 105 percent, and possibly higher.
-
Cedant buys a cat programme excess $550mn, but also has significant inuring reinsurance.
-
The reinsurance unit took almost half the group’s EUR53.8mn in Q1 claims related to the Puerto Rico earthquake.