Treaty Reinsurance
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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The broker attributed increased capacity to improving profitability.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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Negotiations around US casualty and financial lines were more stressed.
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The market is shifting towards capital relief, with fewer, larger deals.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The former MS Re CUO brings over 30 years of industry experience.
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Otis could be a $2bn-$3bn loss, but more information is expected before June renewals.
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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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Treaty costs were slightly lower than for 2023 in risk-adjusted terms.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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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 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 program’s retention remained the same at $3.5bn.
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Both executives will report to CEO Guillermo Eslava.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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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 lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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The need to recognize adverse development in the back book is the most plausible culprit for market behavior, and an escalation of rhetoric.
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Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Pennsylvania Lumbermens Mutual expects to face higher rates and tighter terms and conditions at the upcoming January 1 reinsurance renewals.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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Reinsurers seem unwilling to concede on ground won, but insurers continue to feel the pain in an elevated cat environment.
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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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The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.
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The ratings agency said there had been no capital inflows through new company formations.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Unlike other hard markets, this cycle was not triggered by a single cat event, but rather by an accumulation of secondary perils.
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Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
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AJ Gallagher has recruited a pair of executives from Howden to boost its Latin American treaty footprint, this publication has learned.
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Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.
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The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
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The executive joined the reinsurer a year ago after over 14 years at TransRe, where he held various property treaty positions.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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The carrier said it had mitigated the impact of a challenging reinsurance market.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
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It’s unclear how long some insurers will be able to sustain the cost of doing business in Florida, whether the question is making it through another quarter, another hurricane season or another renewal.
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Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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The program “exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events”.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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The group exited an off-strategy business at an attractive valuation – now it must give a clearer indication of where it is going.
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Twia placed a $2.92bn reinsurance program with broker Gallagher Re, with a retention of $2.97bn.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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The carrier's global reinsurance panel is led by Arch Re and encompasses 43 other reinsurers, including multiple Lloyd’s syndicates.
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The move follows a rebrand completed in November 2022.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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Inside P&C’s news team runs you through the key highlights of the week.
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With ongoing problems in sourcing low-tier reinsurance capacity, rates are expected to build on last year’s gains.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Management added that the company also plans to expand into reinsurance to provide capacity in the market.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Cutting a multi-billion carrier in two looks likely to be the preserve of a select group.
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The fronting carrier’s reinsurance write-down is the first crack in the segment’s impressive edifice – it won’t be the last.
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Property cat rates went up 50% while aviation, PVT and marine saw rises of around 25%+ during January renewals.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Topics discussed included Caribbean cat risk, protests in Peru, crisis in Argentina and the World Cup.
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It is understood that industry veteran James Grieve will retire this summer after over 16 years at the French reinsurer.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.
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The broker also predicted elevated demand for all forms of ILS capital throughout 2023.
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Larger, better performing, more diversified and more E&S-heavy insurers will be better able to prosper in a more volatile environment.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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InsurTechs’ mounting losses and continuing cash burn combined with reinsurance market hardening could spell trouble for the sector.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s news team runs you through the key highlights of the week.
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The average impact of Ian on shareholder equity was higher for Floridians (25.5%) than European reinsurers (7.4%) and Bermudians (6.5%).
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As casualty lines face higher uncertainty, reinsurers are in a better position to negotiate prices and terms than they were a year ago.
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The market is split on their view of flood losses in particular – but in projections of a hard market, the different groups are united.
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Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
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The ratings of EMC Insurance Companies and EMC National Life Company remain unchanged.
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Key questions include whether this is bad enough to trigger real change in Florida, and how elastic cat treaty capacity is to price.
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The Bermudian will also collaborate with Insurate in developing and underwriting products in the medium- to high-hazard workers’ compensation segment.
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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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Reinsurers are more bullish about their prospects than they have been in years, but start-up and ILS fundraising is a desert.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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The review comes as the company plans to issue a follow-on offering of its shares in early September.
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Vesttoo's aim for the partnership is to bridge the gap between the insurance and capital markets, scaling insurance-linked investments as a source for reinsurance capacity.
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Contasta joins the Connecticut-based reinsurer after over 14 years at Alleghany-owned carrier TransRe.
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It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
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After the bumpy rebalancing away from reinsurance, the firm must now step up to deliver on the plan based around its better-performing insurance unit.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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RenaissanceRe has always been a business with strong convictions and an assured management team, willing to carve out a path distinct from competitors.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive will co-lead Lockton’s LatAm treaty business alongside Pat Anderson.
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The deadline for Lighthouse Excalibur policy cancellations has been extended to 30 June.
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The US P&C carrier is putting more premium through its captive.
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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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The firm announced that it is exiting the property reinsurance business.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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 programs, 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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he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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The firm’s reinsurance heavy business mix, investments, and slowing value creation likely kept buyers away.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Alternative capital increased by 4.4% after two years of stagnation.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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There is a tension between securing payback and negotiating higher retentions.
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The limit has increased by 5.5% on cover of $1,930mn placed last year.
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CEO Sankaran and COO Gangu are looking to use the firm’s capital, platforms and licensing to create value beyond reinsurance.
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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 legacy acquirer reported in its full-year earnings that rising interest rates decreased the fair value of its investment portfolio by $1.2bn.
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The reinsurance deal will require James River to write off $6.8mn in Q1 2022.
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The deal’s exposures are focused in the troubled personal auto market where loss costs have been running ahead of rates.
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This estimate would rank Eunice as the most damaging European windstorm event since Kyrill in 2007.
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Topsail Re currently underwrites more than $500m of property and casualty reinsurance business.
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The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
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The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
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The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
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Inside P&C’s news team runs you through the key developments from the last week.
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The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.
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The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.
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Property deals got done with rate uplifts, private placements and buyers leveraging profitable long-tail lines deals, but many reinsurers were disappointed by the overall scale of improvement in property.
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The company also completed this year its first significant casualty placement, a European cedent placement and several loss-making renewals.
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Deals for CNA, Zurich, AIG, Sompo and Axa XL highlight the intense demand among reinsurers for casualty and professional liability pro rata business.
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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.
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Aon’s cyber chief said capacity will be available to insurers who perform well on profitability, rate change and underwriting strategy.
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Inside P&C’S news team runs you quickly through the key developments from the last week.
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Increasing cat costs will drive the focus on modelling and price adequacy, the intermediary said.
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The executive also noted that proactively reducing Greenlight’s exposure to the auto market was a “good decision."
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Chamness also sits on the boards of carrier NAMIC Insurance Company, data provider Carpe Data and Insurance Institute for Highway Safety.
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The carrier also expects to close Allstate Life Insurance sale to Blackstone-backed Everlake later this year.
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Two Sigma has delivered stellar returns, but its major role at the firm makes it a total return (re)insurer, with all the baggage that carries.
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Former Swiss Re actuarial executive Julie Halper has also joined Toa’s US branch, as its new chief actuary.
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The expansive MGA has launched into a number of lines of business in the past year.
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Lockton Re has confirmed the appointment of industry veteran Rob McNamara as the new head for its North America facultative business.
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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.
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The Texas Big Freeze plus an active hurricane season could see losses balloon in 2021.
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Axis Re, the reinsurance arm of Axis Capital, has announced the appointment of Matt LoPiccolo to a strategic account executive role with a remit to drive broker engagement.
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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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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The Floridian carrier said reinsurance spending was up by 5%.
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Aon and Willis have been in talks with Gallagher over a sale of assets the broking houses must make to gain approval of their pending merger from antitrust regulators.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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Underlying margins at all three of Alleghany’s insurance business improved, but $80mn in catastrophe losses led underwriting profits at RSUI to fall.
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The Tremor CEO spoke to Inside P&C recently, offering an inside look at his company’s Panorama platform.
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Several (re)insurer reporters do not anticipate the rate momentum to slow down materially even as they build on exposure growth.
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A series of devastating hailstorms has struck Texas and Oklahoma in what BMS meteorologist Andrew Siffert has described as a “billion-dollar hail loss event” for insurers.
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Insurance rates in the US rose 15%, while London market pricing was up 10%
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The volume of deals also reached a record high of 146 over the period, up by 42% compared with the prior quarter.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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Zurich’s Boston-based global head of cyber risk Lori Bailey is set to leave the business, Inside P&C understands.
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Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.
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The move comes ahead of the COP26 climate summit in Glasgow in November.
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Covid-19 losses of $14bn added 8 percentage points to combined ratios.
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Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
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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.
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The executive has been named head of its healthcare division.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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CEO Johan Slabbert says the US specialty market offers a chance to balance out the volatility of catastrophe risk.
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The executive says the carrier made strides last year in its underwriting and is well positioned for growth.
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New York City-based Murdock has worked at Lockton since 2019
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The transaction will free up around $1.7bn in deployable capital.
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The state-backed carrier has instructed broker Guy Carpenter to renew a slightly smaller initial programme than the $2.1bn it placed last year, but will consider options for additional cover.
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The reinsurance chief sees no role for the ILS market, as pandemics are "badly defined", with no clear end point.
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The Swiss Bank said that the broker did not disclose issues around the supply chain financier’s insurance coverage.
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The legacy specialist is balancing its portfolio with select MGA investments.
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Claims from winter storms have exceeded the carrier’s $80mn retention for its property XoL treaty.
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Co-CEO Patrick Haveron warns longer tail investments will require further “seasoning”.
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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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Allianz and Axa take key roles in $600mn fundraise by FinTech Stripe$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 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 company will split out its Florida reinsurance tower and will cede Uri losses to reinsurers after facing six cat events in the past year.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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Alleghany’s combined ratio improved 15 points to 98.9% over the period, driven by a 13.5% fall in the carrier’s loss ratio.
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Tucker previously worked for Axa XL, and AmTrust and Flagstone Re before that.
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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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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 carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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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 company’s profits were bolstered by sharp underwriting improvement at Odyssey, which was offset by deterioration at Brit.
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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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Event definitions were also tightened at renewals, the broker said.
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The company shrank its gross premium writings in the quarter by 12% to $138mn.
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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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The new platform will give cedants “100x more data” and greater pre-trade insight, Tremor said.
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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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CEO Zuraitis said the company’s nearly $9mn in recoveries allowed it to achieve "below market" pricing on its program.
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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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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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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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RenaissanceRe, Tokio Marine Kiln, Chaucer and Talbot also provide capacity for the consortium, which specializes in reputational risk.
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The utility did not disclose which insurers would receive payments.
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The executive was previously an underwriter at Chubb Tempest Re and Odyssey Re.
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The transaction, announced in December, covers around $130mn in premium for business in CT, NJ, MA, and RI, helping HCI expand beyond Florida.
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The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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Celerity will write public and private D&O business for the wholesale insurance market.
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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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Axis and AIR partnered with the think tank on the study.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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InsureTrust founder and CEO Steve Haase is to retire following the sale.
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The deal including 2019 and prior-year business covers about $500mn of loss reserves.
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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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Inside P&C places the key news from the past week under the microscope.
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Scully fills a gap left by the departure of Steve Hartwig to Ark last year.
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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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The fast-growing cyber platform will write cover for businesses with revenue of up to $1bn.
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He reports directly to Jonathan Zaffino and will join the business later in Q1.
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The outgoing chief will stand down in April after 23 years with the carrier.
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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 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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More competitive pricing than expected brings into focus trade-offs around retaining more risk going forward.
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The reinsurance pact with Enstar’s Cavello Bay has an aggregate limit of $1bn.
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The Arch Worldwide Insurance chief will take up the new position on 1 January.
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Carriers have in recent weeks introduced the endorsements after receiving strong push-back from brokers earlier in the year.
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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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Assurant has been the primary underwriter on EPG’s protection products since 2018.
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HCI is offering $5.2mn in stock plus up to $3.1mn cash for the portfolio.
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The industry must create a united front to ensure preparedness for the next crisis.
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The CEO called reinsurance an incumbents’ market, despite the influx of new capital.
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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 ratings agency has affirmed the reinsurer’s financial strength and long-term ICR ratings while flagging underwriting concerns.
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Inside P&C looks at standout stories from the last week.
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The state-backed carrier escaped lightly from hurricane losses but 500 Eta claims await payment.
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The intermediary raises capital after an agreement to buy Burnham Benefits.
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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 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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Brian Johnston will work as CEO and CFO, with Tom Hodson as deputy CEO and Stephanie Mocatta leading business development.
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The latest appointments include former Markel property head Peta White and former EY partner Gail McGiffin.
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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 revamped insurer backs the intermediary’s long-term care binder.
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The new arrival at the M&A insurance specialist follows the departure of paper provider AGCS earlier this year.
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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 company hopes to launch the new business interruption policy in early 2021.
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The subsidiary was formed in the summer and is deploying capital from the sale of Maison.
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The investment consortium has also finalized an operational partnership with Apollo Syndicate Management.
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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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The start-up envisages expansion into insurance “in the coming years”, AM Best said.
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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 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, which has announced a strategic review, bought a further $5mn reinsurance top-up after storm Delta that will be triggered by Zeta claims.
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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.
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Are emerging frequency benefits a simple symptom of an unprecedented economic environment that will inevitably mean revert, or will a changing economy lead to a secular shift?
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The InsurTech firm will provide parametric quake insurance to Quickbooks clients in California.
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Mike Connelly was previously The Hartford’s specialty commercial CFO.
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The additions follow the arrival of Macrane from Willis Re and Broadnex from Guy Carp.
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CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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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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Hurricane Delta triggered the carrier’s aggregate reinsurance programme.
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Backing comes from industrial investor Ajay Kumar through his family office.
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Staggering changes in the casualty insurance market are feeding through to reinsurers, according to US P&C president Keith Wolfe.
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
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Chris Sitowski joins the carrier from Chubb North America.
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The reinsurer dubbed "Vantage" also secures Aurora Swithenbank as CFO.
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Co-founders include former Lockton executive Bill Kost.
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A report by the reinsurance broker says that just over $3bn of insured losses occurred in Iowa.
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The former GL leader takes up a New York and Connecticut role.
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Liability account move is latest development in ongoing reinsurance buying overhaul.
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Former Markel underwriting executive Trevor Carvey will also be part of the leadership team.
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The carrier will use the proceeds of the offering for general corporate purposes.
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The executive said the market has had “a really poor stretch” of earnings.
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The changes move away from a management structure built around types of business.
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Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
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The Bermuda carrier will be an initial investor in Griffin Highline.
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The new hires join as CFO and COO under recently arrived CEO Juan Andrade.
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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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All employees received a one-off special bonus in June using the company’s unused travel and entertainment budget.
-
To what extent reinsurers will pick up a share of BI exposures is a thorny question.
-
Watford is reportedly evaluating a bid from Arch amid heightened pressure from shareholders to pursue strategic alternatives.
-
Though a buy-in from Arch may still be the most likely outcome, there are potential alternative paths that could make the transaction less than smooth.
-
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 two CEOs say the combined entity will focus on emerging risks, new forms of capital access and “under-served” pockets of the market.
-
The former Verto CEO is fundraising to begin writing as an MGA in 2021.
-
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.
-
By 13:00 London time yesterday, (Re)Connect conference delegates had heard insight from the CEOs of entities controlling $80bn of non-life reinsurance business.
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer.
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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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Sources said a final decision on whether to proceed with the venture is still pending.
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The move by the founding shareholder follows activist investor pressure on the reinsurer.
-
Sources also identified Arch and Hampden as participants in the accelerated auction.
-
Sources with good visibility of the loss are talking up an event that could approach some of the more modest Laura estimates.
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The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
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Transaction marks the company’s second mortgage ILS deal of the year.
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The deal covers subject premium of around $2bn and will run for 18 months.
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Equinox is a Lloyd’s coverholder, established in 1994 by underwriters Suzanne Whalen and Kevin Leys.
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Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
-
The reinsurance broker said mid-year excess capacity was at its lowest point since 2012.
-
The carrier says it expects inter-company efficiencies and savings from the redomestication.
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Storm surge losses are expected to remain under $500mn.
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The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
-
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 executive joins after 15 years at the Fairfax-owned carrier.
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The appointments come as the carrier continues to reshape its portfolio as part of ongoing remediation efforts.
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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.
-
The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
-
The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
-
Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.
-
“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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Lawyers are diligent in finding avenues to bring litigation against insurers, FedNat’s CEO Michael Braun told analysts on Thursday.
-
The Lloyd’s business is looking to raise $800mn of new equity and $200mn of debt.
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The Covea deal gives PartnerRe EUR500mn of third-party funds as the retro market heads for the rocks.
-
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 company confirmed it had bought $500mn of additional catastrophe aggregate.
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The tie-up is part of a EUR1.5bn investment deal between the French mutual and Exor
-
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 CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
-
Guy Carpenter achieves 9% underlying expansion, while group organic revenue shrinks 2%.
-
The incoming CEO plans growth in retro, cat and property per risk as pricing improves.
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Project is in its early stages, with a round of meetings held to stress test it with PE firms.
-
After rapid intensification ahead of landfall, Hanna hit southern Texas as a Category 1 hurricane.
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He takes over from Jonathan Zaffino, who has begun a new role at Ascot Group as president of its US and Bermuda operations.
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The ratings agency said the carrier will be “challenged to improve its underwriting performance in the short term”.
-
The executive previously held roles at JP Morgan and PwC.
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The losses were driven by severe weather events in Florida, Texas and Louisiana.
-
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.
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Activist investor Voce had previously criticised the performance of the firm's international businesses.
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The claims emanate from 14 weather events and amount to $12.8mn on an after-tax basis.
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US trade credit insurers have already cut capacity by 14% since the start of 2020.
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The move is an expected response to the carrier’s decision to cut its 2020-2021 cat reinsurance program.
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The market hones its US focus on reinsurance and surplus lines.
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US cat events in June resulted in some 250,000 insurance claims being filed and four deaths.
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Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
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The Northeast P&C insurer said it is expecting AM Best to review its financial strength rating in response to the cutback.
-
The ratings agency expects the residual market to grow as private carriers are under pressure.
-
Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
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The program was largely left intact on an exposure-adjusted basis, after undergoing a restructure in 2019.
-
Sara Steiner joins from RenaissanceRe, where she was most recently vice president of casualty treaty.
-
Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
-
The annual event was previously scheduled to take place in Orlando.
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The unnamed global reinsurer will provide cover across a number of manufacturing and contractor lines.
-
Scott Mackie reports to property treaty SVP Richard Mairano.
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Uniting our offerings for the US market will create a solution with unrivalled breadth of coverage.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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Far Horizons Capital is also suing JP Morgan for misrepresenting the reinsurer’s prospects when it was founded.
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The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
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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.
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The action follows news last week of a $610mn capital injection from PE investors into the US operations.
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The legacy transaction will cover loss development at the carrier's operations, including its E&S business.
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While many brokers are embracing clearing platforms, some firms feel threatened by the technology.
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As fundraising accelerates, we believe that capital formation coming in the front door as equity capital must be viewed in the context of alternative capital leaving through the back.
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ADIA, Crestview and CVC back a fundraise equivalent to 45 percent of pre-transaction equity.
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InsurTech details fac, proportional and per-risk cover in IPO filing.
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Hannover Re’s Henchoz elected vice-chair of the 12-company-strong forum.
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Guy Carp, Aon and TigerRisk are among the intermediaries that have submitted bids.
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The carrier only bought $620mn of new private reinsurance limit as it didn’t want to lock in multi-year cover at current rates.
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RenRe announced a ~$1bn share issuance yesterday, its first public raise since 2001. We think the move may challenge a decade-long intellectual orthodoxy of the “tipping point”.
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The deal was announced in November last year, setting Fortitude Re on the path to independence.
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CFO Mark Lyons spoke at an investor conference last week, pointing out potential offsets to Covid-19 losses due to lower frequency emerging.
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The broker said that delaying the set-up of public-private partnerships would hinder economic recovery.
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Shares in the carrier rise more than 4 percent in the New York morning.
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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.
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The carrier lifted its level of multi-year cover.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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Yesterday marked the start of the first significant activist campaign targeting a public insurance company in 2020, following a tipping point last year with the ouster of Argo CEO Mark Watson by Voce.
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The expansive broker adds another former JLT Re executive, intercepting Martin Stephenson’s move to Aon.
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The Californian insurer said rising reinsurance costs were digestible.
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The ratings agency predicts an aggregate 2020 combined ratio of between 101 percent and 105 percent, and possibly higher.
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The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.
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Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.
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Citizens plans to source $1.4bn of reinsurance limit for its coastal account, up from $1.27bn last year, as more of its multi-year cover elapses.
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The broker says shareholders’ equity fell by 6 percent on average in Q1.
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Isaac Espinoza will also be tasked with exploring possibilities of Root writing reinsurance or retro business.
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Euler Hermes, Atradius and Coface collaborate with state agency Export Development Canada.
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On earnings calls, executives at the major reinsurance underwriters signaled a greater likelihood that losses on the sector would be contained, offering a juxtaposition to primary and retro markets.
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The executive says carriers have not underwritten or priced for statutory developments.
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Reinsurers lift price expectations while cedants come to market ready to make concessions.
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The insurer added $121mn to its catastrophe treaty, covering it for up to $5bn of losses.
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Covid claims would lead to a 106% 2020 combined ratio, the ratings agency says.
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The broker lifts its operating margin by 2 points as reinsurance solutions expands 9 percent on an underlying basis.
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CEO Dan Glaser highlights the firm's resilience amid the pandemic.
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Group CEO Juan Andrade will assume oversight of the expanding insurance arm.
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The underlying cost of capital remains far above the average return on equity.
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Listing watchdogs rule that the stock hasn’t met the exchange’s minimum price requirements.
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The step follows the resignations of four directors earlier this week.
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The broker says claims are manageable, but the dual hit to balance sheets sets the scene for a capital squeeze.
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The deal will “capitalise on a dynamic competitive landscape and continue our strong growth trajectory”, Rod Fox says.
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Attritional losses hit a 14-year high due to worsening casualty trends and man-made losses.
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Reinsurance renewal largely completed without interruption; reinsurers achieve rate improvements on loss-impacted programs, limited fallout from covid-19; June renewal onward expected to be a different story
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The move comes as Lockton continues an expansion into new areas of the reinsurance market.
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Felipe Moncaleano Botero is one of three men named in a criminal complaint.
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Losses were driven by claims on Canadian dentists’ cover and UK exposure.
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The broker says the solvency and capital impacts of the Covid-19 rout have eased.
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The Allied World and Brit parent draws down $1.8bn from a credit facility to support its (re)insurance operations.
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Munich Re has also temporarily stopped underwriting Jetty policies.
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(Re)insurance shares in Europe also outperform market indices after a strong day for US brokers yesterday.
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The executive was head of casualty for North America and London for Axis Reinsurance.
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Some programmes also renewed with Covid-19 exclusions.
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The move is part of wider plans at the reinsurance broker to build out the unit.
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Attempts to add full communicable disease exclusions have faced particular pushback from clients.
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As the pandemic unfolds, the mortgage (re)insurance market—a boon to the industry since the last economic crisis—is more exposed to the larger macroeconomic cycle than the traditional P&C business.
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The earthquake specialists says it’s exposed in 586 insured locations.
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PartnerRe CEO Emmanuel Clarke avowed that “continuity prevails” in describing how the global reinsurer will maintain its autonomy and business strategy despite a change in ownership.
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Premiums more than double, while the unit's net loss shrinks from the prior-year period.
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London will set global strategy and serve as the core specialty hub.
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The figure includes losses associated with the cancellation of the Tokyo Olympics.
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Alberto Marcano takes over from Andrew Dickson, who has become head of surety at Hudson.
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Combined reinsurance revenues would reach $2.3bn, outstripping Guy Carpenter.
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The Brazilian reinsurer's ratings were placed under review with negative implications after the sudden departure of its CFO and CEO.
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Munich Re's move to pull back capacity to Hippo comes as reinsurers are looking more cautiously at InsurTechs.
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PartnerRe's union with Covea gave it access to primary risk, leaving the reinsurer better placed, but the two must still address cultural challenges and the issues PartnerRe has faced in recent years.
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The former JLT Re chairman rejoins old colleagues including Keith Harrison, who is now Lockton Re International CEO.
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Shares in the Bermuda carrier closed down 17.5 percent.
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Sirius parent CMIG blocked a rights issuance by the subsidiary that would have diluted CMIG’s ownership stake, calling Sirius' independence and financial stability into question.
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French mutual Covea and Bermudian reinsurer PartnerRe announced they had reached a memorandum of understanding by which Covea would purchase Partner for $9bn cash, plus a $50mn cash dividend.
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The dispute with leading shareholder China Minsheng threatens the (re)insurer's credit ratings.
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Hannover Re takes a key role alongside leader Munich Re in the world’s largest terrorism retrocession placement.
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The embattled majority owner of Sirius blocked a planned rights issuance last week.
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The (re)insurer's board has appointed Barclays to carry out a review of strategic alternatives.
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Scor shares slip on its largest shareholder's takeover agreement.
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Enstar, Catalina and Premia are the likeliest legacy acquirers for a c.$400mn deal.
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Aspen is the latest to pass the risk of unfavourable reserve development on to reinsurers.
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Third Point attributed its recent turnaround to the transition to a more well-rounded “specialty” reinsurer focused on underwriting profit, and away from the float-generating strategy that marked its early days.
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The CEO said the company was only prepared to deploy capital if increases were sufficient.
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Large losses push the group fourth-quarter result below expectations.
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The main operating subsidiary of Maiden Holdings will “redomesticate” from Bermuda by mid-March.
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Stephen Postlewhite will succeed the executive as managing director.
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The deal boosts Fema’s total reinsurance cover to $2.53bn.
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Chris Conway joins TigerRisk from Neon Underwriting Bermuda, where he was senior vice president.
-
Analyst Philip Kett says he’s “more constructive” on the Corporate Solutions outlook.
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The appointment is still awaiting regulatory approval.
-
The surprise move reflects a desire to bolster profitability at the specialty business, group CEO Buberl says.
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The International Group originally notified reinsurers of a $115mn loss.
-
Richard Milner joins as senior managing director at Aspen Re International.
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The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
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Earnings decline in the international non-life business of the Japanese carrier.
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The firm returns to the black at underwriting level with a combined ratio of 95.8 percent.
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The insurer said it had shaved about 7 percent off overall reinsurance costs.
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The French (re)insurer said the deal was in line with its “quantum leap” strategy to expand into profitable business lines and reinforce technical expertise.
-
The carrier is seeing increasing submission levels and “much improved pricing” in facultative reinsurance.
-
The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities.
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Just under a quarter of Covea’s portfolio would be dedicated to reinsurance should its bid for PartnerRe be successful.
-
A picture is emerging of the state of the reinsurance market heading into the mid-year renewals.
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Lloyd’s has appointed the veteran broker with immediate effect.
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Global P&C CEO Jean-Paul Conoscente says recent Japanese losses triggered a rethink.
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The carrier said rates were not responding adequately to claims and loss creep.
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The carrier notes an underwhelming industry response at 1 January to recent natural catastrophe losses.
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Costs associated with Markel's investigations into Catco drove ILS expenses up tenfold for the insurance group in 2019.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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As one of the market’s de facto regulators, it is well placed to understand demand-side factors.
-
Sources of strong reinsurance brokerage growth at Guy Carpenter and Aon Benfield appear to be a bullish indicator on upcoming treaty demand.
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The carrier has also lowered the upper limit of the policy by $100mn to $900mn.
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Companies with high reinsurance dependence face “difficult choices”, the ratings agency said in a new report.
-
Michael Jordan worked at the London-listed carrier for more than 14 years.
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Reserve strengthening across the unit housing Antares pushes the underwriting ratio further into the red.
-
Current rules allow lawyers in some insurance cases to collect up to 30 times what an insured is awarded for a claim.
-
The executive says retention and new business wins drive growth.
-
A fire to the southwest of the Australian capital is “out of control” and over 21,500 hectares in size.
-
First-party claims account for most of the payout, with further third-party claims from the 2019 breach still to come.
-
The company narrowly beats the consensus EPS forecast as expansion in both broker segments accelerates.
-
The Bermuda carrier predicts full-year net profit of about $1bn, in line with forecasts.
-
The carrier predicts fiscal first-half reserve releases equivalent to 1.3 percent of NEP.
-
In total, 184 InsurTechs have failed over the last three years.
-
The carrier’s share price fell to $21.16 per share at close of markets.
-
The executive joins from AGCS where she led the North American financial lines team.
-
The executive will replace Stephan Knipper, who is retiring after a 33-year career.
-
The executive was previously vice president of property and multiline treaty at PartnerRe
-
Fema deputy administrator for resilience Daniel Kaniewski said it could be argued the agency created a “moral hazard.”
-
Signs of stress in the small-cap Florida and other southern state primary markets continued this week as the shadow of rating agency downgrades overhangs the market.
-
The move runs counter to market peers’ recent exits or scale-backs.
-
Capsicum founder Grahame Chilton re-joins the buyer as global P&C chairman, with other management remaining in place.
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The experienced legal and claims executive will underwrite and service a variety of accounts.
-
A number of other senior casualty brokers have resigned from the family-owned broker in London.
-
Total protection for non-cat natural hazards rises $10mn to $140mn.
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Demand for cover will increase, with "modest tightening" likely as the year progresses, the broker says.
-
Pablo Munoz will assume the role of CEO of reinsurance solutions for the region.
-
The insured loss total is more than one third down on the 2018 tally of $80bn.
-
Unmodelled cat losses are prompting a reassessment of pricing, the broker said.
-
The executive will work closely with international CEO Vincent Vandendael in the new post.
-
The equity research group says international P&C losses look likely to exceed earlier expectations.
-
Newbridge founders Kirby and Buchanan are to move with immediate effect.
-
The carrier’s quota-share reduces the cost of the first event to about $118mn, unchanged in Australian dollar terms from last year.
-
Relatively contained gains on pricing contrast with bullish views on reinsurers' prospects.
-
The activist backs down from a bid to prematurely oust five Argo directors.
-
Rate growth fails to meet early expectations but the market is clearly tightening in aggregate.
-
The Daniel Plants-led activist wants to remove five directors before their scheduled departure date and put replacements to a vote.
-
The Californian specialty property insurer's scaled-up programme provides coverage of up to $1.2bn for earthquake events.
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The leadership changes further the carrier’s simplification of its reinsurance operation.
-
The loss tally includes a $7bn estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
-
Modest gains follow a broadly flat European cat treaty market for 1 January.
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The Corporation reverses last year’s stamp capacity contraction as market conditions improve.
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Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
-
The carrier appoints two senior staff to the executive committee and will split the operations department into finance and IT functions.
-
The reinsurance intermediary is expanding its presence in the Florida market.
-
Pete Chandler takes over from Steve Korducki as CEO of the division.
-
The consensus is well below earlier fears of $15bn to $16bn of losses.
-
Rivera replaces Andrew Perry following his move to Lockton last month.
-
The executive will work alongside Diane Link, who joined Munich Re Specialty Insurance in April.
-
The live carrier will cease writing business with immediate effect and become a platform for the legacy acquirer's Asian run-off expansion.
-
The legacy carrier is in line to seal RITC deals following the closure of its acquisition of CTMA and Syndicate 1884.
-
Ross will start immediately at the Bermuda-based Credit Suisse affiliate.
-
The carrier was concerned about Voce’s influence over the appointment of new directors.
-
The move follows the departure of MMC's Lat Am fac CEO Andrew Perry and Willis’ Ed Fyfe to Lockton.
-
Under the proposed deal Littell has agreed to remain bound by an injunction for two years.
-
Umbrella and commercial auto price growth nears double digits.
-
The executive said a lockup in retro capacity, linked to Japanese typhoons, will further encourage reinsurers to raise rates.
-
Hamilton said Syndicate 2014 will cease underwriting with immediate effect.
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The new executive will oversee all of the group’s US financial operations.
-
Non-life net written premium at the Bermuda carrier surged by 17 percent.
-
The Axis chairman said the industry could show lawmakers the true costs of failing to address the risks.
-
The contract will allow the insurance group to cede US workers comp, commercial auto and general liability risks.
-
The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
-
Scor’s John Jenkins and OdysseyRe’s Brian Young both believe “significant” change is needed in the pricing of Japanese business.
-
James River reported a net operating loss of $0.73/sh, better than the consensus estimate of a $0.92/sh loss but down from $0.64/sh profit made in Q3:18 as prior year Uber-related losses stung.
-
Hyperion X’s managing director of analytics said reserves were more challenged and the industry was more loss-exposed than ever.
-
The refund of a potential $2.23mn is likely to add fuel to activist Voce’s campaign at the carrier.
-
A benign period for cats, sustained by improved investment income and a doubling of non-insurance revenue, helped the company boost operating earnings
-
Green will report to Kemper president and CEO Joseph Lacher.
-
The appointment of Jeff Irvan reflects a reinsurance expansion push at the broker following investment from BCI and PCP.
-
The group recorded a four-fold increase in operating earnings despite absorbing losses of $281mn from Typhoon Faxai.
-
The reinsurer is expecting the segment to see at least double-digit rate increases.
-
An improved expense ratio and fewer cat losses partially offset the decline at the Dino Robusto-led carrier.
-
The reinsurer's shares rose more than 9 percent on news of the board rejecting the offer.
-
Holtmeier and two other former employees were accused of violating non-solicitation provisions and accessing trade secrets.
-
(Re)insurers are already preparing contingency plans in case the programme fails to renew.
-
The broking executive was a managing director at Guy Carpenter in New York for 17 years.
-
Limit control, emerging risks and cat losses have all contributed to rapidly changing conditions.
-
Al Miralles, who served as chief risk officer since 2017, has been appointed president of CNA Warranty.
-
The fund manager warns that eventual reserves for the storms could change materially.
-
The company says it wants to “better align its operations, capital and resources" with its liabilities.
-
AIG is likely to have exhausted its $550mn Japanese reinsurance cover after typhoons Faxai and Hagibis.
-
Typhoon strikes after Faxai has already eroded deductibles on aggregate covers.
-
Remote controls will soon allow insurers to access immense datasets about high-value assets, according to panellists at a conference.
-
Zurich Insurance’s Nicolas Burnet will replace the CFO, who is to pursue an Exor-backed “entrepreneurial venture”.
-
Both venture capital and reinsurers showing signs of some pullback from unmitigated support for insurtechs.
-
The executive moves from the role of regional leader of professional liability and cyber reinsurance.
-
Class underwriter Geoff Thrower and underwriter Karen Yeomans have worked in the London property market for over a decade.
-
The fronting carrier became a paper provider to four InsurTech and excess and surplus (E&S) MGAs in the past month.
-
A&H, US property cat and energy underwriters face redundancy as Canopius looks for deal synergies.
-
The high-profile broker is the latest to be lured to Steve McGill’s start-up.
-
Pene Reuben re-enters the market after leaving Allied World in April.
-
A proportion of the US cat portfolio written by Thomas Haegin’s Zurich team will transfer from 1.1.
-
David Littell is barred under the court order from contacting old clients at Willis Re.
-
The transaction has now received regulatory approval and has closed.
-
Wilson’s role will focus on building out the Bermudian’s casualty and specialty reinsurance footprint in the US.
-
The broker calls for a wider definition of proportionate reinsurance to address a potential accounting mismatch.
-
The ambitious 145-page document details plans for major changes to distribution, claims and capital.
-
Further rate rises “aren’t just a nice to have”, Markel’s co-CEO said on Thursday.
-
John Cashin said the legacy space is too complex to be easily tackled with technology solutions.
-
The company's shares are up 30 percent after it appointed Credit Suisse to conduct a strategic review.
-
It's been an interesting few weeks at Greenlight, with several new disclosures on exec comp pointing to a likely sale, but some confusing counter-signals too.
-
The transaction is the tenth strategic investment that the Greenlight Re unit has made since it was founded in March 2018.
-
The rating agency cited the reinsurer’s balance sheet strength and parental support in its decision.
-
Charles Cygal, formerly of Ironshore Insurance, takes the role.
-
The merged entity recruits Paul Western as underwriting chief.
-
The top end of the estimate is significantly higher than early market forecasts for claims of up to $5bn.
-
Companies including Lloyd’s underwriters, Sompo Holdings, Berkshire Hathaway filed a lawsuit accusing primary insurers demanding “unreasonable allocation”.
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The company will target a broad book of business in going up against the big three brokers, say sources.
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Gupta resigned from Third Point Re following the departure of ex-CEO Rob Bredahl.
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The Fidelis CEO talks about climate change, the problem with Lloyd's and why ILS is on the ropes
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The Bermuda company will acquire run-off portfolios from the Australian branches of Great Lakes Insurance and HSB Engineering Insurance.
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The estimate lags RMS' top-of-the-range loss forecast of $6.5bn for the Caribbean alone.
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The veteran broker was previously property CEO within the same Aon unit.
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AIR last week predicted up to $3bn in insured losses in the Caribbean from the storm.
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Highlights from the second day of the Monte Carlo Rendezvous, giving a first look on reinsurance dynamics ahead of 1/1.
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The reinsurer predicts annual cyber market premium expansion of between 25 percent to 30 percent.
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Customer cost savings will be generated through increased efficiencies rather than brokerage cuts.
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The new vehicle will cut negotiating times while providing contract certainty.
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Executive is latest in string of senior ex-JLT brokers to join BMS.
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The utility will return to the market later in 2019 in hope of a quiet wildfire season.
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The executive, previously vice chairman, will continue as a member of the company's executive committee.
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John Welsh will become international markets chief at the start of next year.
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The executive was responding to questions over $26.4mn of reserve strengthening carried out by the insurer in the second quarter of the year.
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The executive said the carrier is moving towards “balance between underwriting and investment”.
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The round was led by Anthemis and included WR Berkley, Nephila Capital and Markel.
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This publication revealed that Simon Mills and Fraser Howard had left JLT Re earlier this year to join Lockton Re.
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Natural catastrophes accounted for 2.6 percentage points of the average reported combined ratio of global reinsurers in the first half of the year.
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The former JLT Re executive takes a managing director role at the new operation.
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Global CEO Kent reports a "positive direction of travel".
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The Insurance Insider provides a snapshot of the state of play as the storm crawls through the Bahamas.
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However, analysts said there was more capital waiting on the sidelines to enter the turning market.
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The slow pace of the hurricane means heavy flooding could trigger the US National Flood Insurance Program.
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The company has created a new management committee as it refocuses on disciplined underwriting.
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The ratings agency said over-capacity could snuff out recent pricing momentum.
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The action reflects Mexico’s foreign currency sovereign rating.
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