Howden – boardroom

Howden: London D&O insurers “uncharacteristically slashing premium rates” in some instances

2022-05-19T14:50:00+01:00

D&O premium rates have generally plateaued so far this year but there have been some meaningful reductions with instances of London market carriers “uncharacteristically slashing premium rates on those policies that had gone through two years of dramatic premium hikes”, according to a new report from Howden.

Howden and TigerRisk

Howden Tiger combined revs of $340mn+ will exceed JLT Re; Flexpoint to exit

2022-05-18T22:04:00+01:00

The proposed combination of Howden Re and TigerRisk will create a reinsurance intermediary with 2022 revenues thought to be significantly in excess of $300mn and above those of JLT Re before it was swept up by Guy Carpenter in 2019, analysis by this publication shows.

1 June Florida renewal

Florida capacity crunch in toughest homeowners renewal in 15 years

2022-05-12T10:27:00+01:00

Restricted reinsurer appetite for Florida cat risk means the state’s homeowners carriers are facing rate increases in the 15-30 percent range, with a growing likelihood that some lower-tier performers will not complete 1 June placements, leading to further potential ratings actions and corporate failures.

Coronavirus and court

$1.2bn+ of UK BI claims to be tested in four 2022 High Court cases

2022-05-12T07:14:00+01:00

Any hopes that last year’s Supreme Court judgment in the Financial Conduct Authority (FCA) test case would resolve the uncertainty over Covid-19 business interruption (BI) claims have proved premature, as demonstrated by the queue of high-profile disputes due to be heard in the coming months.

Hannover Re, Scor, Munich Re and Scor

Munich Re P&C outperforms peers in Q1 as major losses fall below budget

2022-05-11T07:33:00+01:00

Munich Re became the only one of the big four European reinsurers to deliver a year-on-year improvement in its first-quarter P&C reinsurance combined ratio when it reported improved profits on Tuesday.

Geico, Progressive, Kemper, Allstate and The Hanover.

Severity drives large Q1 auto losses but carriers signal they’ve turned a corner

2022-05-10T14:15:59.787+01:00

Increased severity led personal auto combined ratios to spike in the first quarter, but executives on earnings calls suggested the pain may just be a bump in the road as a result of the swift action they have taken to increase rates.

Tysers under the microscope

What AUB is getting in £500mn+ deal for Lloyd’s oldest broker Tysers

2022-05-09T13:22:00+01:00

We examine AUB’s disclosures to look at what Tysers currently is and how it will sit within the Australian group…

Russia and Ukraine

Ukraine-related loss reserves booked in Q1 total just over $1bn

2022-05-09T07:05:00+01:00

(Re)insurers have booked more than $1bn of reserves related to the Russia-Ukraine conflict during the first quarter earnings season to date, amid continued uncertainty over the ultimate extent of the loss.

IM-AFG-Cincinnati

AFG special dividends since annuity business sale up to $3.1bn

2022-05-05T15:26:00+01:00

American Financial Group’s latest announcement of an $8.00 a share special dividend to be paid later this month means the US insurer will have returned around $3.1bn to shareholders through special dividends since closing the sale of its annuity business to MassMutual just over a year ago.

RPS ML PL

RPS: ML and PL have “turned a corner”; private D&O and large-plan fiduciary outliers

2022-05-05T14:27:17.453+01:00

The US management liability (ML) and professional liability (PL) markets are in the final stages of a challenging few years as new entrants provide relief, but outliers remain such as private D&O and fiduciary for plans with over $100mn in assets, according to Risk Placement Services (RPS). 

Hannover Re

Hannover Re warns ultimate Russia-Ukraine losses won’t be clear until war is over

2022-05-05T07:22:33.627+01:00

Hannover Re became the first of Europe’s big four reinsurers to post first-quarter results yesterday, with a combination of larger-than-expected major losses and reserving for Russia-Ukraine causing non-life earnings to miss consensus.

US stocks

P&C stocks join slump in global markets in April amid stagflation fears

2022-05-04T15:54:00+01:00

The European and US property casualty (re)insurance industry was caught up in the broad market sell-off in April, with shares for the majority of major carriers and brokers dipping on concerns about the speed of interest rate hikes, lockdown in China and the continuation of war in Ukraine.

Ascot and CPP Investments

Up-for-sale Ascot eyes $6bn premium and sixfold operating income increase by 2026

2022-05-03T07:31:00+01:00

Ascot is being marketed to potential bidders as a business “spring-loaded for continued profitable growth” by CPP Investments’ advisor Evercore, with managed premium forecast to grow to $6bn in the next four years, The Insurer can reveal.

Hurricane season

2022 to be another active hurricane season as weather agencies forecast 18+ named storms

2022-04-29T12:34:00+01:00

Current forecasts point to an above-average North Atlantic hurricane season in line with activity levels recorded last year.

Gallagher Re

Gallagher Re: Insurtech funding falls to $2.2bn in Q1, lowest total since Q2’20

2022-04-29T07:30:32.573+01:00

Funding for insurtech businesses slipped to $2.2bn in the first quarter, down from the record-breaking $5.6bn raised in Q4, as the number of “mega-round” deals fell while overall deal count was roughly flat, according to the latest Global Insurtech Report from Gallagher Re.

Environmental insurance

Environmental rate increases to continue despite aggressive new entrants

2022-04-26T15:19:00+01:00

New capacity has piled into the environmental market in recent years, but observers expect an uptick in claim severity and frequency will keep rate rises at a stable level in 2022 or may even lead to slightly higher increases.

IM-SEC-boardroom

SEC focus increases SPAC uncertainty for D&O market

2022-04-21T14:46:00+01:00

New proposed rules on special purpose acquisition companies (SPACs) from the Securities and Exchange Commission (SEC) will increase uncertainty in the already stressed D&O market for SPACs, and form part of a wider trend of greater enforcement from the regulator that underwriters expect will increase claims.

US Construction

Construction pricing moderating amid cautious optimism on infrastructure bill

2022-04-13T14:19:00+01:00

Construction clients continue to face price rises across most of the coverages they buy, albeit at a lessening pace, while brokers and underwriters that serve the market are cautiously optimistic about the opportunities that the newly struck Infrastructure Investment and Jobs Act will generate.

Directors and officers

D&O new entrants’ impact being felt throughout towers as price increases moderate

2022-04-12T15:45:00+01:00

US D&O price increases are expected to moderate further this year as new capacity in the market is increasingly felt, with new players’ participating on excess layers having a knock-on impact throughout towers.

Aon

Aon report: Intangible assets remain underinsured despite higher average PML

2022-04-12T13:00:00+01:00

Intangible assets have a higher probable maximum loss (PML) on average than tangible assets but insurance coverage remains far higher for the latter, with businesses unprepared for cyber and intellectual property (IP) “black swan” events that are among their biggest risks, according to Aon.