Swiss Re most exposed as US social inflation threatens reservesThere were more federal securities class actions filed in the first six months of the year than were seen annually prior to 2015, indicating that 2020 may be another tough year for casualty insurers.
Axis looks to Gen Star and Hallmark to bolster US excess casualty teamBermudian-headquartered Axis has hired Jonathan Martin and Jennifer Fisher as vice president and assistant vice president respectively within its US excess casualty underwriting team.
Unknown territoryThe ReInsurer talks to Phil Sandercox, managing director at Cincinnati Re, about Covid-19 and the insurability of pandemics, and casualty market dynamics…
Unprecedented demand for ADCs and LPTs: MarcellThere is an “unprecedented” level of demand for adverse development covers (ADCs), loss portfolio transfers (LPTs) and other solutions aimed at addressing prior-year reserve risk, according to Aon’s Reinsurance Solutions CEO Andy Marcell.
Ascot US launches E&S casualty division with Roy hireAscot has continued the buildout of its US insurance platform by launching an E&S casualty division with the hiring of Matthew Roy from Axa XL as senior vice president.
Habitational claims frequency in $1mn-$5mn range rising significantlyThe US habitational market has been experiencing a significant rise in claims activity in the $1mn-$5mn range, while a retrenchment of the admitted market has opened the door to more E&S business, according to Risk Placement Services (RPS).
Only a handful of casualty carriers now willing to quote lead excess layers: RPSThe board firming in the US casualty insurance market across the umbrella/excess liability line is expected to continue during the remainder of this year and into 2021, according to a new report from Risk Placement Services (RPS).
Hannover Re’s Henchoz: European market stabilising by rate hardeningCovid-19 is set to fuel pricing momentum in Europe at the upcoming 1.1 renewal despite the region being spared from large natural catastrophe events, but there are some lines that need more firming, Jean-Jacques Henchoz told The Insurer.
QBE Re targets casualty growth with combined unit under BarberQBE Re has combined its US and international casualty treaty reinsurance teams into one business unit under the leadership of Tim Barber, who has been appointed to the newly created role of head of casualty treaty.
LSM unveils London casualty hires from Aspen and MS AmlinLiberty Specialty Markets (LSM) has expanded its casualty team with new hires to underwrite the UK and US books of business.
Casualty carriers suggest sharing risk in towers with clients to align interestsPaul Horgan of Zurich North America has suggested carriers should utilise quota share structures in casualty towers with participation from insureds to better align interests while AIG’s Lex Baugh said the current conditions increase the incentive for the market to “crack the alternative capital puzzle”.
New casualty E&S limit approach “entrenched” even if market turns: panelIn a panel discussion on the casualty market, RT Specialty’s Tim Turner said the excess and surplus lines (E&S) market opportunity has never been better while underwriters suggested the focus on limit deployment is here to stay for good.
Michigan State settles with five insurers over Nassar abuse coverage denialMichigan State University (MSU) has settled for a combined $113.5mn with five liability insurers that denied it coverage for losses incurred as part of the settlement reached with sexual abuse victims of disgraced doctor Larry Nassar.
Renewing US casualty limits above $600mn now “almost impossible”: panelUS casualty brokers report that it is increasingly a challenge to place limits over $300m and also identified “pretty severe overreach” from some insurers on terms and conditions in response to Covid-19.
The Hartford loses venue battle in Boy Scouts sexual abuse suitThe Hartford has failed in its bid to have a Boy Scouts of America lawsuit seeking coverage for sexual abuse claims transferred to the scouting organisation’s bankruptcy court, with the judge instead sending the case to Texas state court.
Insurtech eMaxx engages Stonybrook Capital to realise carrier ambition; makes senior insurance hireCommercial property and casualty insurtech eMaxx has appointed Eileen Currie as president and CEO of its insurance operating companies as it prepares to become a full stack insurtech insurance company, The Insurer can reveal.
Axis Re promotes Osterrieder to lead North America casualtyAxis Re has appointed Dan Osterrieder as the new head of its North America casualty operations, replacing Scott Kreuzer who joined Aspen Re back in March.
Lancashire to enter Bermuda casualty market in 2021Lancashire will begin writing casualty business from Bermuda in early 2021 as part of a build out of its product lines on the island, The Insurer can reveal.
LSM names Rieger head of casualty in GermanyLiberty Specialty Markets (LSM) has promoted Rainer Rieger as head of casualty, Germany.
Excess casualty carriers cut back lines for big brands to $10-15mnAnti-corporate juror sentiment and social inflation mean excess casualty carriers are restricting their capacity to just $10mn to $15mn per risk for global and brand name corporations in response to deteriorating loss trends, according to a new report from Epic Insurance Brokers & Consultants.