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  • A broad hard market will not occur until there is "blood on the streets", according to Transatlantic Holdings president and CEO Mike Sapnar.
  • The cat bond market missed a chance to grow in 2011 as it failed to compete sufficiently on pricing, Willis Capital Markets & Advisory (WCMA) argues in its latest quarterly update on the segment.
  • The California earthquake bond Embarcadero Re has closed, raising $150mn reinsurance for state insurer the California Earthquake Authority (CEA) in the second issuance from the platform.
  • The contrast between the losses and the scale of reinsurers in the cat-heavy years of 2005 and 2011 respectively provides a compelling demonstration of the oft-repeated claim that the industry was well capitalised at the start of last year.
  • Aon has released its 2012 map of political risk levels in 167 emerging countries, revealing a significant Arab Spring aftershock both within the region and globally.
  • Windstorm Ulli brought $306mn in claims for insurers with European exposures, while a rare January tornado outbreak caused at least $30mn in losses to hit the US market, according to Aon Benfield's Global Catastrophe Recap report.
  • RenaissanceRe's global chief underwriting officer Kevin O'Donnell says the firm's new sidecar Upsilon Re helped it expand into what he described as a dynamic and dysfunctional retro market at the year-end renewals.
  • A clear bifurcation is emerging between P&C (re)insurers that have weathered the storm of near-record 2011 catastrophe losses and those that appear overweight in their exposures compared to industry peers.
  • Pat Ryan, CEO of US wholesaler Ryan Specialty Group, thinks the recent trend of retailers contracting with a small number of preferred wholesale partners will continue.
  • The excess and surplus lines (E&S) market in the US is registering growth as admitted carriers turn their backs on business that they had been accepting earlier in the soft market, two industry leaders have said.