Selected listed Bermudian (re)insurer combined ratios Q1 2020-2021 i

Bermudians boosted by underlying CR improvements in Q1

2021-05-11T14:33:00+01:00

Bermuda felt the weight of elevated US catastrophe losses during the first quarter of 2021 but underlying combined ratios saw improvements on the back of continued rate increases, mirroring the trend seen among Europe’s major reinsurers.

Cyber attack

France acts on cyber’s moral conundrum. Will others follow?

2021-05-11T07:08:00+01:00

The rise of ransomware has created a conundrum for cyber carriers that places a question mark over the next steps in the product’s evolution.

IM-Old_Florida-Capitol-and-map

Florida’s property insurance reform helpful but far from perfect

2021-05-07T19:57:00+01:00

Carriers in the Sunshine State have welcomed the Florida Legislature’s passage of property insurance reform but are divided about how much good it will do.

Aon

Aon: NA workers’ comp and cyber pricing spikes even as capacity waits in wings

2021-05-07T15:04:00+01:00

North American insurance lines that had sidestepped the major price upticks of recent years are now being drawn in, with workers’ compensation and cyber just two of the sectors facing significant increases in Q1, although with potentially $20bn of new capacity set to make its presence felt some stabilisation may ...

Hannover Re, Munich Re, Scor and Swiss Re

Europe’s big four all beat on Q1 combined ratios as Covid-19 P&C impacts diminish

2021-05-07T06:56:00+01:00

Europe’s big four reinsurers shook off an above-average quarter of catastrophe losses to each report combined ratios ahead of analyst consensus in a sign of the strengthening underlying performance across the sector.

Reported rate increases

Commercial pricing deceleration trend emerges from Q1 US P&C earnings

2021-05-05T14:23:00+01:00

A common theme from Q1 earnings calls of US-listed property casualty (re)insurers is deceleration – with the strong commercial rate increases of recent quarters showing signs of tempering – but executives were bullish that margins will continue to improve and the positive market conditions will be sustained.

Aon WTW AJG

A $1bn Willis-Gallagher Re will narrow the “big two” gap…

2021-05-04T14:29:51.25+01:00

Despite public statements to the contrary, in the 14 months since the Aon-Willis Towers Watson (WTW) deal was announced it has never looked likely that the big three would narrow to a big two led by a giant with a 50 percent market share of the estimated $5bn reinsurance broking ...

US Umbrella excess casualty

Aon: rate increases on large, complex umbrella/excess moderated in Q1

2021-05-03T14:09:00+01:00

Data from Aon has confirmed that average rate increases for large, complex umbrella/excess casualty accounts in the US eased back from 61 percent in Q4 2020 to 44 percent in the first quarter of this year, representing a “marked improvement” in the marketplace amid signs of increased competition.

Unicorns

Insurtech unicorn production line looks strong but are valuations rational?

2021-04-30T13:30:00+01:00

Two insurtechs attained unicorn status in Q1 and there were more additions to this growing club this month, with observers suggesting there are plenty more insurtechs on the production line that will make the grade this year either through new funding rounds or SPAC combinations.

Reps and warranties

“Unprecedented” R&W demand continued into Q1 while rate hikes settled down

2021-04-27T14:22:00+01:00

CAC Specialty has reported that representation and warranty (R&W) rates have settled back into the low 3 percent range having increased dramatically at the end of 2020 amid “unprecedented” demand, while Arthur J Gallagher noted that claims frequency has been relatively steady.

Inland marine truck

Inland marine carriers suffer as Covid-19 cancels events and travel

2021-04-26T14:38:19.263+01:00

The inland marine market has been one of the most consistently profitable insurance classes in recent years, but it has been hit hard by Covid-19 with contingency losses and cancelled events and travel causing premiums to drop for the first time in over a decade, according to AM Best.

Evan Greenberg and Chris Swift

Chubb-The Hartford already connected via overlapping shareholders

2021-04-26T14:38:00+01:00

More than a third of The Hartford’s shares are owned by asset managers which also have a shareholding in its rebuffed suitor Chubb, analysis by this publication reveals.

Christopher Swift – The Hartford

The Hartford makes independence case as analysts question Chubb discussions refusal

2021-04-23T14:16:00+01:00

The Hartford’s refusal to enter into talks with Chubb over a potential takeover deal has raised questions as to what it would take for the company to enter discussions with a potential buyer.

Aon

Aon: Reinsurers grow capital base in 2020 despite underwriting losses

2021-04-20T13:38:00+01:00

Global reinsurance capital reached a new high of $650bn at the end of 2020, according to Aon, with traditional equity capital reaching a new peak of $556bn at year end, despite the combined ratio of the group of 23 reinsurers it covers deteriorating from 100.2 percent to 103.4 percent on ...

UK motor accident

UK motor premiums down 14% since start of pandemic

2021-04-19T23:01:00+01:00

The cost of a comprehensive motor insurance policy in Britain has fallen 14 percent since the first quarter of 2020, with Q1 2021 recording a 7 percent decline as insurers reacted to successive Covid-19 lockdowns and low claims experience.

Q1 catastrophe loss preannouncements

US and Bermudian carriers tally $1.4bn of winter storm claims ahead of earnings season

2021-04-19T14:35:38.86+01:00

US and Bermudian (re)insurers have now disclosed close to $1.4bn of winter storm losses in preannouncements ahead of the first-quarter earnings season, with reinsurers set to face a substantial percentage of losses from the event.

Truist Insurance

Truist organic growth numbers indicate strong quarter for other brokers

2021-04-16T07:54:00+01:00

Organic growth of 6.4 percent for the first quarter at Truist Insurance Holdings should be viewed as a “good lateral” to others in the cohort of publicly traded insurance brokers, according to Wells Fargo analyst Elyse Greenspan.

Aon and WTW

Aon-WTW: Five key developments on the road to completing the deal

2021-04-14T13:52:00+01:00

Aon’s all-stock ~$30bn acquisition of Willis Towers Watson was always an ambitious undertaking. While both firms publicly spoke of their confidence the agreed deal would conclude without major divestments, the developments of the past few months have made it clear this is not going to happen.

Q1 earnings

Focus on underlying results in cat-hit Q1 P&C earnings

2021-04-12T13:40:00+01:00

Analysts have been adjusting carrier earnings forecasts for elevated cat losses in Q1 including from Winter Storm Uri along with expected further Covid-19 losses, but the focus of the upcoming round of calls with management is likely to be on underlying results as hard(er) market rates earn through.

Willis Re candidates

Willis Re: The $3bn+ runners and riders…

2021-04-09T14:05:00+01:00

When Aon announced on 9 March 2020 that it had agreed to buy Willis Towers Watson (WTW) in a ~$30bn all-stock deal, the day wasn’t finished before speculation began about the prospect of spin-offs to appease regulators’ antitrust concerns.