September 2013/3

Bermudian reinsurer Maiden has been the top-performing share among the island's risk carriers in 2013 to date, climbing 42 percent.

The Insurance Insider's second Honours event saw 700 leading industry executives packed into the spectacular riverside setting of London's Old Billingsgate Market. As the accolades were distributed in a splendid gala evening compered by UK comedian David Mitchell, The Insider team were on hand to keep tabs on the medals haul...

London-listed Catco has picked up almost a 20 percent share of the estimated $9bn indemnity retrocession market since it began underwriting at the start of 2011, but its chief product is dividing opinion amongst retro buyers and writers at the Monte Carlo Rendez-Vous.

Potential buyers have a strong preference for strategic bolt-on deals rather than transformational transactions, which could trigger an uptick in M&A activity, Guy Carpenter said in its Monte Carlo mid-year review.

The European run-off market has grown in size by EUR11bn in the past year to around EUR235bn, mainly due to a greater number of firms classifying more recent business as run-off, according to the latest PwC survey on the sector.

The Catalina and American Safety Insurance (ASI) transaction demonstrates that activist shareholders continue to be instrumental in facilitating change and driving value, said Willis Capital Markets and Advisory CEO Tony Ursano.

New capital is continuing to enter the run-off space and the idea that a company may be worth more dead than alive is gaining acceptance, said Tony Ursano, CEO of Willis Capital Markets and Advisory (WCMA).

New York buyout firm Fortress Investment Group has put its majority stake in run-off (re)insurer Alea up for sale, in a move that is likely to excite interest from the legacy sector's heavyweight acquisition firms, The Insurance Insider can reveal.

The larger balance sheet created by the merger of Markel Corp and Alterra Capital earlier this year has already attracted increased submissions to the combined entity's reinsurance operations.

Hedge funds remain "very interested" in the P&C sector, with more hedge fund-sponsored reinsurers expected to be formed over the next 12 months, according to Willis Capital Markets & Advisory (WCMA) chief executive Tony Ursano.

Despite the foothold third-party capital is gaining in the property cat market, reinsurance brokers must provide a balanced offering to their clients, John Cavanagh, Global CEO of Willis Re, tells The Insurance Insider

This is Richard Ward's last Monte Carlo Rendez-Vous as Lloyd's CEO. But don't be surprised if he is back...

The traditional stand-off between brokers and reinsurers over where prices are headed has been replaced by a proxy war of words over the impact of alternative reinsurance capital. The Insurance Insider compares and contrasts their views...

Another significant dynamic in the reinsurance market that has not been given sufficient attention is the impact of higher interest rates on the industry's balance sheet, according to Guy Carpenter's global head of business intelligence David Flandro.

With so much focus on the property cat reinsurance evolution being driven by alternative capital, other lines of business appear to have been sidelined in much of the Monte Carlo chatter this year.

Scor plans to increase its capacity for cat risk while reshaping its retrocession programme in favour of greater quota-share cover to protect earnings.

Lloyd's insurer Ark Underwriting is making rapid progress in overhauling the capital structure of Syndicate 4020 as it awaits final sign-off on the financing of its management buyout, The Insurance Insider understands.

Former Willis CEO Joe Plumeri has halved his holding in the company since he relinquished that role at the turn of the year.

Endurance Specialty's appetite for property cat business is "unchanged", according to the Bermudian's reinsurance CEO Jerome Faure.

Ace has dropped Atrium from its reinsurance security list after the Lloyd's underwriter was sold to run-off acquirer Enstar, The Insurance Insider has learned.

With its A- ratings under negative review by AM Best, Bermudian reinsurer SAC Re is thought to be hot in pursuit of a new partner to replace beleaguered hedge fund SAC Capital.

ILS market nears peak: S&P; Rothesay sale; CLIPS: US price rises slow...; ... but momentum holds says MarketScout; Endurance Asia Pac cat; Solvency II delay; Brit Bermuda launch; Canopius boosts profit; Power claims; Aon Benfield lures; Woods hire; EUR180mn hail loss; Flood Re bill drafted; Lancashire deal approval; Clark leaves Deloitte; Montpelier Re launch; AQR Re hires CUO; Uniqa EUR700mn+ equity raise; Argo expands political risk

Following an extensive consultation with the market, Lloyd's has said that the most likely successor to CEO Richard Ward will be a candidate with a background in the sector.

Just under a quarter of reinsurers and reinsurance brokers said profitability would improve in the Middle East and North Africa over the next 12 months, according to a survey published by the Qatar Financial Centre.

Bankers have been approaching private equity houses with a view to spinning off the London part of Towers Watson's reinsurance broking business following its proposed sale to Willis Re, The Insurance Insider has learned.

Risk carriers are dreadful pessimists, with a tendency to look for the cloud attached to every silver lining.

The howls of protest may have faded and the air of indignation that permeated Lime Street in March dissipated, but many London market underwriters are still resentful of the Aon-Berkshire sidecar.