Howden: London D&O insurers “uncharacteristically slashing premium rates” in some instances
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 Tiger combined revs of $340mn+ will exceed JLT Re; Flexpoint to exit
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.
Florida capacity crunch in toughest homeowners renewal in 15 years
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.
$1.2bn+ of UK BI claims to be tested in four 2022 High Court cases
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.
Munich Re P&C outperforms peers in Q1 as major losses fall below budget
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.
Severity drives large Q1 auto losses but carriers signal they’ve turned a corner
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.
What AUB is getting in £500mn+ deal for Lloyd’s oldest broker Tysers
We examine AUB’s disclosures to look at what Tysers currently is and how it will sit within the Australian group…
Ukraine-related loss reserves booked in Q1 total just over $1bn
(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.
AFG special dividends since annuity business sale up to $3.1bn
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 and PL have “turned a corner”; private D&O and large-plan fiduciary outliers
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 warns ultimate Russia-Ukraine losses won’t be clear until war is over
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.
P&C stocks join slump in global markets in April amid stagflation fears
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.
Up-for-sale Ascot eyes $6bn premium and sixfold operating income increase by 2026
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.
2022 to be another active hurricane season as weather agencies forecast 18+ named storms
Current forecasts point to an above-average North Atlantic hurricane season in line with activity levels recorded last year.
Gallagher Re: Insurtech funding falls to $2.2bn in Q1, lowest total since Q2’20
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 rate increases to continue despite aggressive new entrants
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.
SEC focus increases SPAC uncertainty for D&O market
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.
Construction pricing moderating amid cautious optimism on infrastructure bill
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.
D&O new entrants’ impact being felt throughout towers as price increases moderate
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 report: Intangible assets remain underinsured despite higher average PML
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.
Lloyd’s 2021: The complete syndicate analysis
Global reinsurance capital rises to $728bn as aggregate CR improves to 97.6%
Proposed SEC rule could signal acceleration of climate regulatory activity
Asta-managed syndicates make up half of all 2022 Lloyd’s cash calls
Generali sees stock surge as P&C benchmark outperforms in Q1
Lloyd’s 2021 syndicate results in full
P&C stocks outperform in Q1 and March despite Russia-Ukraine pressures
Lloyd’s 2021: How the start-up syndicates fared
Strong reinsurer demand for casualty, PL quota shares drives cedes higher
Lloyd’s 2021: the best and worst performing syndicates
How does Ukraine compare to previous Lloyd’s losses?
Swiss Re calls for rethink on cyclone-induced flooding
Lloyd’s results: Property reinsurance back in the black in 2021
Lloyd’s results: Casualty remains only unprofitable insurance class in 2021
Howden’s Flandro: Macroeconomic issues will extend hard market
Russia-Ukraine cyber analysis: War exclusions – what are they good for?
Alleghany acquisition brings Buffett a complementary Berkshire-lite
How exposed are insurers to $13bn Russia aviation lease losses?
FCA: Fully settled UK Covid-19 BI claims approaching £1.05bn
Orderly 1.4 Japan renewal set for single-digit XoL rate increases
Brown & Brown paying $2.5bn for GRP, Orchid and BdB deals
Pool Re’s 2020-22 UK gov review: win, lose or draw?
Fitch: US personal auto insurers’ results take a wrong turn in 2021
Aon: UK cyber, casualty and property markets to remain “challenging” through 2022
European P&C stocks drop sharply in February as Russia invades
Florida insurance bills make progress with two weeks left of session
Axa revamps reinsurance program and steps up cat exposure reduction
Will the US turn up the pressure over ransomware payments?
Florida homeowners carriers face latest day of reckoning
AIG looks to kick on after reaching sub-90 adjusted GI combined ratio milestone
Low retentions among UK carriers increase potential for Eunice-type storms to trigger XoL layers
Sompo Intl 9M surge highlights MS Amlin’s turnaround struggles
Lloyd’s to return an underwriting profit in 2021 after four years of losses
Retro paths diverge as European reinsurers tackle volatility challenge
Aviation underwriters take flight as talent churn continues
Gallagher Re estimate further highlights Ida’s upward creep
P&C stocks outperform in choppy January
Early reporting brokers and carriers in agreement on US commercial pricing outlook
Kin’s SPAC merger collapse highlights brutal public insurtech market conditions
AM Best: US P&C market resilient in face of headwinds as 9M DPW soars
2021 cat bond issuance at record $12.5bn
PwC: Cyber and global health continue to dominate CEO concerns but insurance execs are upbeat
Conning: Surge in US insurers considering ESG in investments
A quarter of SMEs still waiting on BI payments as payouts near £1.3bn
Investor focus on pricing and loss costs outlook after mixed Q4
Mammoth Aspen-Enstar LPT sets new benchmark for recent legacy deals
Fitch: Reinsurers’ credit profiles at threat from prolonged CPI
Life insurers outperformed P&C in 2021 but the reverse can occur in 2022
S&P forecasts “highly active” 2022 for North American broker M&A
USI: Stabilising market to provide relief for insureds in 2022