Inszone recap shows PE commitment remains strong for some brokersThe investment in Inszone Insurance Services by Lightyear Capital has continued a spate of private equity-backed recapitalisations of US brokers in the past three months.
Analysis: Why speak-up policies don’t always work (yet)The second round of evidence in a parliamentary enquiry into sexism in the UK financial services sector saw the Association of British Insurers (ABI) recognised for its parental leave and pay transparency efforts, with the committee acknowledging that it is more difficult to “break the paradigm” of culture.
Lloyd’s 2024 stamp capacity climbs to ~£53bn as three-quarters of syndicates approved to growLloyd’s will trade into 1.1.24 with an initial market stamp capacity of at least £52.7bn ($66.9bn) – a new record high – with 60 out of 84 surveyed syndicates increasing their business plans for next year.
Lloyd’s open years continue to improve in latest round of syndicate forecastsBoth the 2021 and 2022 years of account have shown further improvement in the latest round of quarterly syndicate forecasts, with early signs indicating the 2023 YoA will be better than both preceding years.
Root earnings confirm improved personal auto loss ratioAnalysis from The Insurer of Root’s US statutory filings shows the insurtech has significantly reduced incurred losses, and is now outperforming incumbents as well as other segment competitors.
P&C sector will fail to earn cost of capital in 2024-25 as premium growth slows: Swiss ReGlobal P&C premiums are forecast to grow by 3.4 percent in 2023 following significant repricing, but Swiss Re’s latest Sigma report has warned that growth will slow to 2.6 percent in 2024-25 as the industry continues to fail to meet its cost of capital.
US insurance composite rises 1.5% but underperforms Wall StreetThe North American insurance composite compiled by Stonybrook Capital and Weild & Co rose 1.5 percent last week, as advancers led decliners by a margin of 63 to 29.
Coastal insurers and reinsurers lead gains as Wall Street continues upward trendThe North American insurance composite compiled by Stonybrook Capital and Weild & Co rose 0.4 percent last week as increases of 8 percent for coastal insurers and 1.8 percent for reinsurers were offset by falls at life and annuity and standard commercial insurers.
Will 9M trading statements be a catalyst for recovery in London-listed cohort’s valuations?With analysts long maintaining that London-listed (re)insurers are significantly undervalued, last week’s positive share price reaction to nine-month trading statements could mark the starting shot in a more durable recovery over the coming months.
Geneva Association calls for public cyber backstops amid sharp rise in attacksThe Geneva Association has added its voice to those calling for the introduction of some form of public backstop to address cyber risks following a 38 percent increase in attacks during 2022
Digital distribution key to increasing insurance take-up in Asia: McKinseyPremium growth is falling behind economic development in Asia as the sector struggles to respond to risks such as climate change and cyber, according to a report by McKinsey.
More than a third of US fronting market is up for saleAfter a brief hiatus amid the unravelling of the Vesttoo scandal, a flurry of hybrid fronting companies have resumed or kickstarted sale processes equivalent to over a third of the fragmented US market.
US insurance stocks ride bear rallyThe North American insurance composite compiled by Stonybrook Capital and Weild & Co surged 5.4 percent last week as Wall Street benchmarks recorded their largest weekly gains of the year.
Cat bond activity bounces back in 2023Catastrophe bond issuance looks likely to set a new record this year, despite a relatively quiet Q3, with observers also confident that next year will be active too.
Record SCS losses the big nat cat story in 2023 for US insurersSevere convective storms have been the main driver of insured natural catastrophe losses this year, with the total hit from the peril setting a new record and suggesting the industry should be placing more weight on secondary events.
US P&C (re)insurance stocks deliver mixed results in October but still outperformUS P&C stocks beat the broader market in October, supported by personal lines and coastal insurers, although individual performance remained mixed.
Gallagher Re: Insurtech funding up 19.8% in Q3 to $1.1bnNew insurtech funding reached $1.1bn in the third quarter, up 19.8 percent on Q2 2023, driven by a 25.5 percent surge in property casualty investment to $931.3mn, according to Gallagher Re.
Euro-listed (re)insurers’ shares flounder as European equity records worst monthly performance since September 2022The majority of P&C shares declined in October as the European equity market struggled with recession fears, a surge in bond yields and the emergence of the Israel-Hamas conflict.
Building resilience in Asia: insurance initiatives across the regionThe Insurer examines some of the initiatives implemented across the Asia Pacific region to improve access to insurance against natural catastrophes.
Doksuri flooding leads Asia cat loss bill as claims fall in AustraliaAsia continued to see one of the largest disparities between economic and insured losses during the first nine months of 2023, with Gallagher Re estimating the region’s protection gap at 94 percent for the period.