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February 2012
Reinsurance organic revenue increased 4% due primarily to strong growth in capital market transactions and advisory business and modest growth in global facultative placements.
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The February 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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A case marking the first time the UK Financial Services Authority (FSA) lost a judicial review concerning its own investigations could have implications for insurers.
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Feature: Woeful investment returns, cat losses and evolving regulatory pressures are causing concern for Bermuda’s insurers and reinsurers.
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January 1 renewals were “very heterogeneous”, said Munich Re, which also noted that it had pulled away from some business lines which "no longer met profitability requirements."
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Bermuda’s insurers and reinsurers have weathered a torrid 2011 for catastrophes and are now looking optimistically forward to this year, with further price increases and M&A the talk of the island.
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The German reinsurer says that rates increases at January 1 do not yet indicate a hardening market, although it expects further rises throughout subsequent renewals periods.
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January 2012
Ace’s fourth-quarter results include $155m of cat losses and a reserve charge for Ace’s run-off businesses including Brandywine, of $80m, of which $67m was a pre-tax addition to asbestos and environmental reserves.
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The rating agency commends the French insurance industry for improved underwriting discipline, and suggested combined ratios could drop while prices will continue to increase.
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Interview: Former Alterra reinsurance CEO John Berger has proclaimed his new reinsurance firm, Third Point Re, alive and well following it receiving a financial strength rating of A from AM Best in early January.
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Comment: Guy Carpenter’s reinsurance renewals report included a handy checklist of the big themes facing the global insurance and reinsurance market this year. it is noticeable what themes don’t make the list, says Michael Loney, managing editor of Reactions.
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A $420m asbestos ruling in favour of Travelers has been upheld by a New York appellate court.
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ArgoGlobal to target European D&O business.
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Impact of RMS v11, exposure to severe losses and overall competitive pressures combined to move US P&C renewal rates up to 5%, says Towers Watson.
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Rating agency says excess capital and good risk management give global reinsurers a cushion against 2011’s high catastrophe losses.
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US commercial insurance rates are expected to climb across many lines of business in 2012, continuing a trend that began in the second half of 2011, according to a report from Marsh.
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US commercial property/casualty pricing rebounded in the fourth quarter of 2011, according to The Council of Insurance Agents & Brokers’ quarterly Commercial P/C Market Index Survey.
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High unemployment in the US and a sluggish economic recovery, among others, would drag the US workers’ comp industry, says S&P.
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The Bermuda insurance and reinsurance market remains “nimble” and resilient, according to a recent report from Fitch, but the firm warned that challenges to the domicile’s advantages remain likely.
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INTERVIEW: Greg Case, CEO of Aon, believes that the insurance broker can help its customers manage their way through the tough global operating environment and rise to the challenge of new and complex risks by working on a more robust fact basis.
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The property/casualty holding company has formed On Point Risk Solutions to offer P&C services to commercial property insurance carriers, reinsurers and self insureds.
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The re/insurer’s new office will focus on the Ukrainian property and casualty insurance market .
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The insurer has appointed Munich Re America’s William Redington to lead the new professional liability reinsurance division.
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Companies must focus on new products and strategic growth opportunities to achieve profitability amidst ongoing economic challenges, according to Deloitte’s 2012 outlook report.
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The reinsurer expects claims to be in “mid double-digit million euro range” from the Concordia disaster.
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There was plenty to consider at the 1/1 reinsurance renewals, such as near-record catastrophe losses and irksome risk modelling issues. Now that feedback is in from reinsurers, brokers and cedants, we try to make sense of it all.
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A recent study by the insurer has identified economic risks, business interruption and catastrophes as top three concerns for businesses.
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XL, RSA, Generali, Hannover Re and P&I clubs are all reportedly facing claims after the Costa Concordia grounded in the Mediterranean on January 14.
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The Lloyd’s insurer has appointed Chubb’ Steve Ranzetta to develop ‘competitive’ offerings as it looks to tap the accident and health sector.
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Data: AM Best data reveals world's largest insurance companies by assets and net premiums.
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ANALYSIS: A report on January renewals from reinsurance broker Guy Carpenter says after a costly year of Asian catastrophes in supposed “cold spots”, capital levels have recovered but cat rates are sharply up at renewal.
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The renewals were orderly but deals took longer than usual, says Swiss Re America’s CEO at a conference, while FM Global’s CEO says property will start to look more like casualty because supply chain issues are making the tail longer.
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Can complex accumulation risks be controlled? Probably not completely, says Munich Re CRO Joachim Oechslin, but progress is being made
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The premium volume of the Latin American insurance market grew 19.2% in 2010 when expressed in euros to Eu90,316m, according to figures released by Spanish insurer Mapfre.
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AM Best assigns ratings to Bermudian start-up reinsurer Third Point Reinsurance Ltd.
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ANALYSIS: An Aon Benfield report suggests that overhaul of cat models in 2011 “missed” the mark, Florida will seek added reinsurance, and reinsurers remain well capitalised – managing an aggregate profit for 2011.
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The P&C insurer expects the newly acquired BTIS “to add in excess of $70m in premiums over the next year.”
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The P&C (re)insurer has entered a partnership with Drum Cussac and Compass Risk Management to offer “highest-quality” prevention services to clients.
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The P&C (re)insurer has named Mark Boland as leader of wholesale primary casualty units to guide the team in the US.
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One percent increase in composite US property/casualty rates “further supports our findings that the soft market cycle has ended”, says MarketScout.
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The broker’s North American executive risks practice will now operate under the name Finex North America.
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The December 2011/January 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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The Berkshire Hathaway-owned Medical Protective has completed the acquisition of New Jersey based medical professional liability insurer Princeton.
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Brian Boornazian, chief executive of Bermudian reinsurer Aspen Re, says the market turn is neither “classic”, nor “dramatic”, and that rates at renewal are still no higher than 1999 prices.
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P&C insurers’ nine-month combined ratio deteriorated to 109.9%, while net underwriting losses grew to $34.9bn, says PCI.
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A report from rating agency Moody’s says the US insurance market still has reserve redundancy on aggregate but that capital is deficient for the most recent accident years.