Bermudians boosted by underlying CR improvements in Q1
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.
France acts on cyber’s moral conundrum. Will others follow?
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.
Florida’s property insurance reform helpful but far from perfect
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: NA workers’ comp and cyber pricing spikes even as capacity waits in wings
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 ...
Europe’s big four all beat on Q1 combined ratios as Covid-19 P&C impacts diminish
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.
Commercial pricing deceleration trend emerges from Q1 US P&C earnings
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.
A $1bn Willis-Gallagher Re will narrow the “big two” gap…
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 ...
Aon: rate increases on large, complex umbrella/excess moderated in Q1
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.
Insurtech unicorn production line looks strong but are valuations rational?
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.
“Unprecedented” R&W demand continued into Q1 while rate hikes settled down
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 carriers suffer as Covid-19 cancels events and travel
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.
Chubb-The Hartford already connected via overlapping shareholders
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.
The Hartford makes independence case as analysts question Chubb discussions refusal
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: Reinsurers grow capital base in 2020 despite underwriting losses
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 premiums down 14% since start of pandemic
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.
US and Bermudian carriers tally $1.4bn of winter storm claims ahead of earnings season
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 organic growth numbers indicate strong quarter for other brokers
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-WTW: Five key developments on the road to completing the deal
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.
Focus on underlying results in cat-hit Q1 P&C earnings
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: The $3bn+ runners and riders…
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.
Downstream energy a two-tier market as rates continue to rise, says WTW
Lloyd’s 2020: The best and worst performing syndicates
Markets Review: P&C stocks gain in choppy first quarter
Probitas, Lancashire, Ascot, Aegis and Ark lead Lloyd’s 2020 top performers
Lockton’s swoop for WTW Florida team highlights litigious war for broker talent
Markets Review: European P&C benchmark hits 52-week high
Willis Re: Wide gap remains between booked and estimated Covid-19 losses
AM Best: Covid-19 ILS trapped capital may spark disputes
IAG, Suncorp XoL reinsurers on notice as Australian flood claims rise
Gen Re traces its history back to the roots of reinsurance
AM Best: Unaffiliated share of MGA premium has grown in recent years
Bermuda: sun shines on the reinsurance island once again…
Markets Review: European P&C stocks volatile on lockdown worries
Stable US P&C underwriting result masks wide swings across lines
The Hartford’s $3.7bn small commercial book seen as big draw for Chubb
Breaking down AM Best’s proposed methodology for MGAs, MGUs and PAs
A reflationary environment should benefit P&C insurers: Twelve Capital
Climate change both a risk and opportunity for Bermuda P&C carriers: BMA survey
Japan wind on course for 5-15% increases in orderly 1.4 renewal
Covid-19 reserves top $10bn at Europe’s big four reinsurers
Markets Review: Generali leads widespread green week after FY20 results
Insurtech valuations soar with investors hungry for more Hippos
Florida carrier annual statements reveal 2020 pain
Insurance gets caught up in SPAC mania
Lloyd’s 2018 YoA stays on course for narrow loss as 2019 forecasts deteriorate
ILS paid out record amount to sponsors amid Covid volatility
Markets Review: European P&C stocks rally as shrug off bond jitters
Does Hiscox expect more Covid pain in 2021-22?
Understanding the loss uncertainty of Texas’ record-breaking winter storm
Public D&O rate increases will be smaller in 2021: Gallagher
Europe’s big four reinsurers grow 1.1 premiums close to €30bn in 2021
Markets Review: Axa gains 4.7% on FY20 results while bond rout hits global equities
AIG details lower PMLs and reduced reinsurance limit
MMC commitment to de-levering and dividend should dispel unrealistic M&A rumour
Casualty leads the way as Liberty GRS posts 15% average renewal rate rises in 2020
Lloyd’s 2018 YoA on course for 3% capacity loss
Unprecedented Winter Storm Uri creating complex property loss picture
CEOs confident US rates will continue to outpace loss costs
Markets Review: FedNat gains despite choppy weak for Wall Street
Markets Review: Lancashire falls 7.8% in volatile week for P&C stocks
Global P&C run-off market expands to record size of $864bn
North American rate momentum set to temper in H2 2021: Aon
QBE Q4 preview – when will the profit warning cycle end?
AIG highlights commercial lines growth and improved underlying CR
FCA test case: Five key areas where the regulator and UK insurers continue to disagree…
Modelling severe convective storms: how data science is helping fill knowledge gaps
Solvency II overhaul will create “consistent” oversight across the EU: AM Best
Markets Review: Lemonade leads gains as benchmarks reach all-time highs
Markets Review: Scor led gains in muted week for P&C stocks
London combined ratios point to a fourth Lloyd’s underwriting loss year in a row