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London urged to seize Islamic insurance opportunity

News

Legal/ Regulatory

London urged to seize Islamic insurance opportunity

The London market was encouraged to grasp the opportunities of Islamic insurance by a senior U.K. government minister yesterday (30 October).

Tue 31 Oct 2017

News

New back office deal to save London market £100mn

A new five-year contract which will see bureau services for the London market continue to be outsourced to DXC Technology has been heralded by the London market for its future cost savings.

Tue 31 Oct 2017

Everest Re posts 3Q combined ratio of 164 percent

News

Results

Everest Re posts 3Q combined ratio of 164 percent

The scale of the third quarter loss events was demonstrated with Bermudian carrier Everest Re’s third quarter results yesterday evening (30 October) which included a 163.6 percent combined ratio and the previously announced cat losses of $1.2bn for Harvey, Irma, Maria and the Mexican quake.

Tue 31 Oct 2017

California wildfires spark another cat modellers’ disagreement

News

Losses

California wildfires spark another cat modellers’ disagreement

Late last week, RMS upgraded its forecast for losses emerging from the recent California wildfires which tore through swathes of the state’s wealthy winemaking regions from an initial $3bn-$6bn to $6bn-$8bn.

Mon 30 Oct 2017

CATCo $1.8bn fund raise highlights scale of trapped retro capital

News

Property catastrophe

CATCo $1.8bn fund raise highlights scale of trapped retro capital

Markel CATCo, the leading provider of collateralised pillared retro to cat reinsurers, has announced today (30 October) that it has raised $1.8bn from new and existing investors to repair its funds’ balance sheets after the circa $100bn of third-quarter nat cat events.

Mon 30 Oct 2017

News

Apollo receives Lloyd’s approval for 1.1 SPS launch

Lloyd’s Managing Agency Apollo Syndicate Management Ltd has received “in principle” approval from the Corporation’s Franchise Board to establish a sub-syndicate, SPA 6133, that will write property catastrophe business.

Mon 30 Oct 2017

R&Q confirms commitment to Lloyd’s run-off with ProSight deal

News

Legacy

R&Q confirms commitment to Lloyd’s run-off with ProSight deal

Legacy specialist R&Q has agreed its first Lloyd’s run-off deal in five years with the announcement this morning (30 October) that it has acquired ProSight’s Lloyd’s operations including its managing agency, corporate members and its run-off Syndicate 1110

Mon 30 Oct 2017

News

Toa Re and Barbican receives Lloyd’s SPA

Lloyd’s insurer Barbican has received “in principle” approval from Lloyd’s to commence their Special Purpose Arrangement (SPA) Syndicate 6132 in partnership with Japanese reinsurer Toa Re.

Fri 27 Oct 2017

News

Losses

California fire losses up to $3bn: AIR

The insured costs of the fires which tore through large areas of Northern California earlier this month have been put at between $2bn-$3bn by the catastrophe modelling firm AIR Worldwide.

Fri 27 Oct 2017

MMC CEO: “Hard markets tend to be pretty swift”

News

Casualty Reinsurance

MMC CEO: “Hard markets tend to be pretty swift”

MMC published its third quarter results today (26 October) but beyond the numbers the senior management of the broking powerhouse spent a lot of time tackling analysts’ questions on the state of the (re)insurance markets following the circa $100bn of 3Q cat losses.

Thu 26 Oct 2017

Scor defies HIM storms to eke out small profit for nine months

News

Casualty Reinsurance

Scor defies HIM storms to eke out small profit for nine months

Scor’s CEO Denis Kessler paid tribute to the reinsurer’s “shock-absorbing capacity” as the Paris-headquartered firm reiterated its Eur598mn pre-tax (Eur430mn post-tax) loss from the 3Q Hurricanes Harvey, Irma and Maria (HIM) and the Mexican earthquakes.

Thu 26 Oct 2017

News

Results

Investor relief on Mapfre Maria loss

Spanish (re)insurance group Mapfre has seen its under-pressure share price climb this morning after pegging its storm losses from Hurricanes Harvey, Irma and Maria at EUR176 net of reinsurance and retro recoveries.

Thu 26 Oct 2017

Trapped collateral may provoke 4Q cat bond sell-off

News

Baden-Baden

Trapped collateral may provoke 4Q cat bond sell-off

The billions of dollars of so-called “trapped collateral” may prompt a further sell-off of cat bonds as capital-stretched ILS funds look to free-up capital in this quarter to ensure they can benefit from the expected uplift in retro and cat reinsurance rates at the 1.1 renewals.

Thu 26 Oct 2017

Europe’s reinsurers warned on 1.1 pricing

News

Baden-Baden

Europe’s reinsurers warned on 1.1 pricing

The recent trend for European insurers to cede more into the reinsurance markets could stall at 1.1 if reinsurers are too aggressive on rate rises and treaty terms, buyers have been warned at Baden Baden this week.

Wed 25 Oct 2017

Peak Re: fill the protection gap by sowing seeds

News

Baden-Baden

Peak Re: fill the protection gap by sowing seeds

The 3Q losses and the state of the retro markets may have dislodged the “protection gap” as the lead topics of conversation at Baden Baden but Peak Re CEO Franz Josef Hahn has reminded reinsurers that they have to “sow the seeds” if they wish to benefit in the long-term.

Tue 24 Oct 2017

Europe’s reinsurance buyers face paying price for global losses but will they?

News

Baden-Baden

Europe’s reinsurance buyers face paying price for global losses but will they?

Second only to the state of the retro markets as a theme at Baden Baden this week is the willingness of European reinsurance buyers to stomach 1.1 rate increases justified by cat losses 5000+miles away.

Tue 24 Oct 2017