2018 now appears odds on to have exceeded last year in terms of insured losses from the California wildfires following a series of disclosures and loss estimates late last week.
*Debt yielding circa 11 percent ** New $235mn bond takes issuance beyond £1bn *** Acquires Nevada 3 assets at near 30 percent premium to cost
It looks increasingly likely that the vast ILS market - estimated to have grown to a new record size of $98bn - will now plateau or even shrink slightly at year-end.
The ferocious Camp wildfire will be fully distinguished later this week with firefighters finally aided by rain that will sweep into northern California later this week.
*LoC deadline first; coming-in-to line 30 November ** Will all syndicates get capital in place? ***Losses, withdrawals and capital loadings add to squeeze
After a 2017 cat loss bill of $3bn, Berkshire Hathaway’s 3Q 2018 modest cat losses of $372mn are a fraction of rivals, such as AIG’s hefty $1.62bn and Swiss Re’s $1.1bn.
Shares in RenaissanceRe were trading off around 5 percent this morning in New York as some investors reacted negatively to news of the Bermudian’s $1.5bn deal to buy Tokio Millennium Re (TMR).
Cedants in Central and Eastern Europe, Middle East and North Africa are yet to fully embrace the burgeoning alternative capital markets, according to Aon’s Tomas Novotny
Trust Re’s downgrade this week below the critical AM Best A- threshold is the latest setback for Middle Eastern carriers in 2018. Re-Insurance tracks all the developments…
The rapid growth in India’s agricultural insurance market means GIC Re is now responsible for the industry’s largest non-US agricultural reinsurance treaty with the firm experiencing a doubling of inwards gross premiums for the class in only one year.
MMC’s unexpected $5.6bn deal to acquire JLT, which will cement Marsh’s position as the world’s largest intermediary, will promote US broker Holborn into the number ten slot in Re-Insurance’s list of largest reinsurance brokers by revenue.
The challenges faced by Lloyd’s head of underwriting Jon Hancock to restore Lime Street’s underwriting fortunes were highlighted last week when, on an underlying basis, it was revealed Lloyd’s syndicates lost money from underwriting in H1 2018 with an accident year combined ratio of 101.2 percent, analysis by reveals.
As plans for mutual market recognition are thrown off the negotiating table, the market now has to make the most out of “enhanced equivalence”, a term not so easily defined by brokers
Industry sources question the Corporation’s ability to change as much as it needs to in order to maintain its relevance
The focus is on Lloyd’s – and its new CEO-elect John Neal – at this year’s Rendez-Vous. But what the recent recruitment process also revealed was how chairman Bruce Carnegie-Brown expects to see positive change implemented in the market…
Reinsurance intermediaries from across the size spectrum are continuing to find opportunities to grow as many buyers appear willing to look beyond the traditional giants of the sector for specific transactions.
Initially, it was sole preserve of the reinsurance intermediaries but now the large retail brokers are developing capital markets arms to cater for the growing appetite of ILS investors to have access to primary insurance risk.
Those who care about Lloyd’s are assured about the way chairman Bruce Carnegie-Brown is leading the process to select the Corporation’s next CEO.
With the news this morning that The Hartford has inked a deal to acquire Navigators, another Lloyd’s business could find itself in the hands of an international insurance giant.
Lloyd’s net loss for 2017 has climbed by £399.9mn as a number of syndicates have had to bolster reserves following additional claims notifications from last year’s cat losses and, in particular, Hurricane Irma.