No-one in the onshore energy market will want reminding of just how torrid the recent loss experience has been. Since June we’ve had two potential mega-losses involving Philadelphia Energy Solutions’ (PES) fire and series of explosions at its Philadelphia oil refinery, as well as the more recent explosions at TPC ...
Last year saw an unusually high amount of hiring disputes between brokers in the US. Three of these lawsuits have been resolved so far in 2020, but some high-profile clashes are still rumbling on between rivals such as Marsh, Aon, Alliant, BMS, Cobbs Allen, CRC and EPIC.
American Financial Group’s decision earlier this week to withdraw from the Lloyd’s market – taking a $50-60mn Q4 charge in the process – marks the end of a painful relationship that has cost the Cincinnati-headquartered insurance group over $500mn in entry and departure fees and underwriting losses in between, analysis ...
Current losses from the wildfires ravaging vast swathes of Australia are not at a level to threaten excess-of-loss reinsurers, but the aggregate covers of the country’s big three carriers are set to be impacted. The latest estimate for insured losses from the current bushfires released by the ...
A late move to come off the sidelines by ILS funds thought to include Aeolus and traditional retro powerhouse Everest Re was a key driver in largely clearing the market after a lengthy stand-off between sellers and buyers, The Insurer understands.
Neon has become the latest Lloyd’s carrier to close following a string of market exits since the Corporation launched remedial action to turn around the performance of the market in May 2018, ushering in a tougher regime for underperformers.
A comparatively quiet year for natural catastrophes after the record losses of 2017 and 2018, 2019 brought its fair share of manmade headline-grabbing events – from industry newcomers, the Argo vs Voce saga, battling brokers and the rise of the insurtech ‘unicorn’ to political agendas playing out on both sides ...
After years of underwriters trying to talk up pricing, but enjoying little or no success, 2019 finally saw rates start to tick up across the commercial insurance market. What began as a few pockets of price correction in late 2018 and early 2019 had by the end of the year ...
A surge of firm order terms (FOTs) in the last few days indicates that the 1.1 retro market has finally begun to clear, with sources suggesting pricing is up in the 10-20 percent range for loss-free occurrence deals and up 20-30 percent for aggregate covers, The Insurer can reveal.
A multispeed market is developing in a late 1 January reinsurance renewal where casualty conditions are beginning to shift through the gears but property treaty remains stuck in neutral – at least for now.
Dislocation has been the watchword for the commercial property insurance market this past year on both sides of the Atlantic; but such fragmentation has also brought opportunity.
Lloyd’s will operate with a total market stamp capacity in the region of £33bn ($43bn) in 2020, up circa 6 percent year-on-year as many market participants gain business plan approval to increase capacity at 1.1.
Harvey Weinstein and the board of his former film studio have reportedly reached a tentative $25mn settlement to be paid by insurers that would end nearly every lawsuit against the disgraced producer and his former company.
Nearly a third of syndicates have received business plan approval from Lloyd’s to increase their stamp capacity by 10 percent or more in 2020, analysis by The Insurer can reveal.
MS Amlin – the second largest Lloyd’s (re)insurer by 2018 GWP – is reducing its stamp capacity by £250mn next year as the remedial work on its under-performing Syndicate 2001 takes shape.
The state of the casualty market continues to be a dominant theme in the US P&C industry, as carriers take drastic action in response to mounting losses.
Pioneer Syndicate 1980 has become the fifth full syndicate to close following a Lloyd’s market meeting in May 2018 when the Society’s head of underwriting Jon Hancock launched remedial action to turn around the performance of the market and warned that a tougher regime would lead to syndicate closures.
In March 2018, Axa’s youthful CEO Thomas Burberl was forced to defend his decision to pay $15.3bn for XL Catlin as his own company’s share price tumbled in response.
The George Soros-backed Vibe Syndicate 5678 has become the third full Lloyd’s syndicate to close as a consequence of the tough performance review led by the market’s head of underwriting, Jon Hancock.
Investors reacted positively to yeterday’s news of Argo CEO Mark Watson’s sudden departure. Some may have been encouraged by what they see as an increased likelihood of a sale, others may see opportunity in a clean slate and a new chapter in increasingly attractive market conditions.