Reactions celebrated its 30th anniversary in its April issue. To mark the occasion, we published a series of articles looking back on the past three decades in the insurance and reinsurance industry.
Our coverage started with a bang, with an exclusive article from industry legend Hank Greenberg, chairman and CEO of CV Starr & Co, in which he gives his views on how the industry has changed during Reactions’ lifetime.
To help make sense of how the industry has changed during the past three decades, the Reactions team compiled lists of what we reckon are the 30 biggest events and 30 most influential people during Reactions’ lifetime. We have begun our countdown, posting numbers 30-11 of these lists. Let us know what you think of these lists, what you agree and disagree with by leaving comments at the bottom of the articles of by emailing the editor on firstname.lastname@example.org.
We also spoke to other respected veterans for the issue including Jack Byrne, Brian Duperreault, Pat Ryan, Ted Blanch, Jim Stanard, Don Kramer and Stephen Catlin to get their perspective on how the market has changed, as well as revealing the 30 biggest M&A deals in the past three decades and the 30 best covers of Reactions.
In our regular features, we assessed how the Japan earthquake will affect the global market, looked at the state of the run-off market, ask how D&O insurers will be affected by increased scrutiny of boards and reveal North America’s most popular life reinsurers.
SPECIAL 30TH ANNIVERSARY SECTION
View From The Top: Hank Greenberg
Maurice “Hank” Greenberg, chairman and CEO of CV Starr & Co, Inc and Starr International USA, Inc, collectively known as Starr Companies, reflects on how the industry has changed in the 30 years since Reactions was launched.
The 30 most influential people in the insurance and reinsurance industry during the past three decades:
No. 1: Hank Greenberg
No. 2: Warren Buffett
No. 3: Pat Ryan
No. 4: Former Lloyd's chairman Sir David Rowland
No.5: Robert Clements
No.6: Jack Byrne
No.7: Claude Bébéar
No. 8: Brian Duperreault
No. 9: Eliot Spitzer
No. 10: Ajit Jain
Most influential people of past 30 years: 20-11
Most influential people of past 30 years: 30-21
The 30 biggest events in the insurance and reinsurance industry during the past three decades:
No. 1: Asbestos and environmental claims
No. 2: September 11 2001
No. 3: Hurricane Andrew
No. 4: AIG nearly collapses
No.5: Hurricanes Katrina, Rita and Wilma
No.6: Under-reserving for 1997-2001 years
No. 7: Reconstruction and Renewal
No. 8: Spitzer sues Marsh
No. 9: Triple-A ratings disappear
No. 10: formation of Ace and XL
The biggest events of the past 30 years: 20-11
The biggest events of the past 30 years: 30-21
30 years in insurance: Learning the hard way
The insurance and reinsurance business has changed out of all recognition in the past 30 years. Reactions hears candid accounts from the industry captains who lived through the best – and worst – of times, including Hank Greenberg, Brian Duperreault, Jack Byrne, Don Kramer, Bill Berkley and Stephen Catlin.
The rise of the big three of insurance broking
The insurance and reinsurance broking industry has undergone rapid consolidation in the past 30 years. We ask some of the executives involved in the wide scale consolidation, including Pat Ryan, Grahame Chilton and Ted Blanch, to reflect on how the industry has changed.
Whatever happened to the Lloyd’s likely lads?
Lloyd’s is a much more professional, but also less fun, market than when Reactions was launched in 1981. Leaders including Hank Greenberg, Grahame Chilton and Stephen Catlin reflect on how Lloyd’s has evolved
Insurance CEO: A different role than 30 years ago
The increasing demands of external pressures such as investors, rating agencies and regulators has made running an insurance company a much different job than a few decades ago
30 years of insurance reporting
Reactions’ Garry Booth looks back on three decades of reporting on the insurance and reinsurance industry.
Reactions through the ages: 30 best covers
Just like the industry on which we have reported for three decades, Reactions looks very different now than it did in 1981.
30 years of evolution in reinsurance law
Clive O’Connell casts his eye over the biggest developments in reinsurance law during Reactions’ lifetime.
Will Japan turn global reinsurance rates?
Reinsurers believe the devastating earthquake and tsunami in Japan on March 11 will be enough to turn the market. Reactions analyses how it affected April 1 renewals and the longer-term effect on the global insurance and reinsurance market, including detailing losses by firm.
QIS5 - The age of Solvency II reason
The QIS5 study seems to have convinced the European Commission and supervisors that maybe the insurance and reinsurance industry should be given the slack over Solvency II that it has been screaming for.
Run-off is dead, long live legacy business
Dead insurers are getting harder to come by – so the run-off market must make itself useful to live insurers.
FEATURE: D&O pressured by corporate scrutiny
As the level of scrutiny of corporate executives, and the volume of litigation against them increases, D&O insurers in the US and elsewhere could wind up down and out.
EXCLUSIVE - leading US life reinsurers named
Reactions has teamed up exclusively with research group Flaspöhler for the 2011 survey of the US life reinsurers. Overall, US cedants are demanding innovative solutions from reinsurers as their markets evolve.
'Quake wake-up call for Canada's insurers
Canada could one day be hit by a magnitude nine earthquake. How will its insurance and reinsurance industry cope?
Risk Management: An increasingly small world
Recent events in Japan and elsewhere are focusing risk managers’ minds on growing global threats such as supply chain disruption and cyber risks. This means this week’s Rims annual conference may have a more of an international perspective than usual.
COMMENT - FREE TO VIEW
LMX spiral – a case of back to the future?
The market could be forgiven for thinking the LMX spiral is now just a footnote in the insurance and reinsurance industry’s history. But some believe the Deepwater Horizon catastrophe and climate change could be the environmental double whammy that creates a new spiral, says Reactions’ contributing editor Garry Booth
Some things never change
To mark Reactions' 30th anniversary, Reactions' editor Michael Loney looks backs on what has changed – and what has not – in the global insurance and reinsurance industry in the past three decades.
RISKbitz's 30th Anniversary
It’s RISKbitz’s 30th Anniversary! Yes, incredible as it may seem, RISKbitz has been going for five decades.
RISKbitz: From the movie archive
Taking you back in time with classic insurance industry films from 1981. You rented them on betamax cassettes remember?