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The Week in 90 Seconds: 1.1 renewals, Brindle hits out, Future at Lloyd’s

In the first week of the year the market digested the implications of the last-minute 1 January renewals.

Samuel Casey, 07 January 2022
Hiscox pays tribute to late mariner Mike Southgate

Southgate worked at the likes of Canopius, Swiss Re, Aon and Sturge Syndicate during his career.

Samuel Casey, 07 January 2022
NFIP trims reinsurance cover by 7% for 2022 in $1bn placement

The Federal Emergency Management Agency trimmed its spend on the program by 12%.

Samuel Casey, 07 January 2022
Dixie Fire caused by PG&E electrical distribution lines

Pacific Gas and Electric Company told investors in November that it expects to recover $569mn from its insurers on a potential $1.15bn liability relating to the Dixie Fire in California.

Luke Harrison, 07 January 2022
Legacy firm Fortitude Re forms Bermuda reinsurer and buys US platform for growth

In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.

Luke Harrison, 07 January 2022
US cat reinsurers have given up a big real terms rate reduction: Brindle

Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.

Samuel Casey, 07 January 2022
Rate reductions still not possible in loss-hit marine liability market: Miller

The broker said that the there was an increased differentiation in pricing compared to 2021.

Samuel Casey, 06 January 2022
Space insurance rates set to stabilise in 2022 as losses fall: Gallagher

The market is becoming more of a buyers’ market as new capacity arrives.

Aisling Finn, 06 January 2022
‘Right to repair’ regulation throws curveball for UK recall market

Underwriters are keeping a watching brief on how the regulation may influence claims trends.

Luke Harrison, 06 January 2022
Increased airline capacity to create more stable market in 2022: Gallagher

Some airline accounts registered rate decreases as competition ramped up towards the end of 2021, according to the broker.

Aisling Finn, 06 January 2022

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