The settlement complex
The assertion by Securitas that its insurers were “compelled” to participate in the giant $1bn Florida condo collapse class action settlement because of the climate around litigation and claims rather than liability is a potent reminder of the pervasive impact of social inflation and fear of nuclear verdicts.
Biba display of ESG credentials highlights rise up agenda
This week’s British Insurance Brokers’ Association (Biba) conference marked the first major in-person UK insurance gathering since the onset of the Covid-19 pandemic in early 2020, with thousands of industry professionals meeting in Manchester for the event.
If Evercore is correct, Ascot’s owners may be mad to sell now…
Lloyd’s/US/Bermuda carrier Ascot is a high-class operation and has been ever since Hank Greenberg was persuaded to back its launch 20 years ago – a move that saw an AIG at its omnipotent pomp enter Lloyd’s for the first time.
£500mn+ Tysers sale is also a vote for London…
The protracted sale process for Lloyd’s oldest broker Tysers culminated yesterday with listed Australian retailer AUB agreeing terms with the firm’s previous owner, US private equity firm Odyssey Investment Partners.
The great migration
Plenty has been written in recent years about the threat to the wider P&C insurance industry posed by a finite talent pool and a succession void as the ageing demographics of its senior ranks outpace the flow of human capital in the tiers below.
Early feedback on Q1 rates shows deceleration but leaders remain upbeat
Early reporters in the US property casualty Q1 earnings season have confirmed a decelerating trend for rate increases, but management on earnings calls have stressed they remain above loss costs and pressure remains to keep rates up.
ESG scrutiny intensifies as multiple stakeholders monitor industry progress
In recent weeks there has been a resurgence in protests against the industry’s role in providing insurance for fossil fuels, with Extinction Rebellion activists forcing the closure of the Lloyd’s building on 12 April.
A tale of two regulators…
The Prudential Regulation Authority (PRA) is responding to the legitimate concerns of regulated companies. The Financial Conduct Authority (FCA), on the other hand, veers from one problem to the next. A cultural change is required…
RIMS 2022: The haves and the have nots
After three years of a broad hardening of rates in the US commercial insurance market, a shift in dynamics is taking place. But rather than a linear progression of widespread deceleration, plateauing and softening, an uncertain picture is emerging where there will be a wide range of individual experience for ...
S&P’s $16bn+ bearishness on Ukraine points to a heavy Lloyd’s blow
S&P Global Ratings’ scenario analysis for specialty insured losses from the Russia-Ukraine conflict raised eyebrows late last week through its use of a $16bn base-case scenario for the terrible event.
ESG: more important now than it’s ever been
Russia’s military invasion of Ukraine has raised questions around whether ESG agendas will be derailed as Western economies seek to reduce dependence on Russian oil and gas.
Capacity crunch
It was at the Wholesale & Specialty Insurance Association (WSIA)’s Annual Marketplace 2021 in San Diego back in November that the extent of carrier retrenchment from supporting cat-focused property MGAs became clear.
Atrium discovers the high price of reputation
Warren Buffett is responsible for many pearls of wisdom including the observation that it takes 20 years to build a reputation and only five minutes to ruin it.
Russia-Ukraine: a setback to net zero, or a catalyst for transition?
Over the coming days the UK government is expected to outline its new energy strategy, the latest move by a major Western economy to rethink its energy supply and reduce dependence on Russian oil and gas.
Atrium fine highlights Lloyd’s zero-tolerance approach
The decision by Lloyd’s to impose a £1mn penalty against Atrium – the heaviest fine dished out to date by the Lloyd’s Enforcement Board – is the clearest sign yet that the Corporation is serious about its zero-tolerance approach to market misconduct.
Japan and Florida – from order to chaos
This morning we published an update on the largely uneventful 1 April Japanese cat renewal, where an orderly market is expected to get home with mid-single-digit increases. As Florida homeowners carriers do the rounds of reinsurers in Bermuda, the contrast between the two markets could not be any more stark.
UK gov aviation U-turn highlights need for sanction consistency
Russia’s invasion of Ukraine has triggered a wave of sanctions from Western governments aimed at shutting down the Russian economy and cutting the country’s ties to the global financial system.
Argo: a thawing in the resistance to a sale?
Recent developments including the temporary absence of CEO Kevin Rehnberg look to be a setback to the turnaround progress made by the Bermudian. Its repositioning as a US specialty insurer means it has a scarcity value that could be realised if its board and temporary management shift their stance
Keeping loss picks realistic as exposures rise…
One of the key messages Lloyd’s has driven home throughout the underwriting remediation process of recent years has been that sustainable performance management is a continuous discipline.
New frontiers
In a short month that has already seen the publication of our relaunch issue of Program Manager, we might have been forgiven if our official February issue was a little thin on the ground.
Lloyd’s ESG Survey: Moving from talk to action…
Allianz opts for a “string of pearls” M&A strategy
PE thirst for M&A fuels renewed Tyser interest
Argo: Testing the patience of Voce’s Plants (again)
Adani: The price of silence and the road to absurdity
Meta share price collapse vs P&C sector valuations
Catalina reshuffle opens the Lloyd’s door but is it too late?
Cats and combined ratios
The structural shift
Is $64bn captive market London’s next big opportunity?
Parametric solutions open door to more resilient future
Setting the climate agenda for 2022
The promised land of Lloyd’s digitalisation is still achievable but time is running out
Lloyd’s: Use it or lose it…
Where aggregated risk meets a multi-platform carrier
CCR Re and Scor 2022 sidecars highlight ILS support is still available – at a price
Can the 1.1 cat resolve last?
Expecting the unexpected: 2021 cats highlight vital role of exposure management
Santa misses the point by taking aim at Catlin
As 2021 cats again exceed budgets, it is time to reassess what represents ‘normal’
Covéa to finally succeed in determined pursuit for reinsurance unit
Another surprise in a year of surprises
Deadly tornadoes will add to 1.1 reinsurer resolve
Time to take a stand against social inflation
FCA raises the stakes with new consumer duty
It’s not just choice, it’s quality of choice
Temperature rises for US property cat writers…
A holistic approach to capital
Heightened focus on climate risk uncertainty brings potential for unintended consequences…
TUPE poses final hurdle as Willis Re looks to more certain future…
Five key takeaways from COP26
Mobilising finance critical to a more resilient future
Looking under the hood of the Lemonade-Metromile deal
Good news on the regulatory front but old habits die hard
Risk and resilience rises up agenda
Maintaining momentum critical as industry looks to the future
Solving the data emergency to create a common language of risk
Monte Carlo: Two is a problem, but three would be trouble…
Laying the foundations for a more resilient world
Getting the message across: the industry’s climate communication challenge
If you take a leadership position, prepare to be a target for activists…
Spotlight to fall on insurance at COP26 Finance Day
Insurance can help facilitate step change in adaptation
Playing a central role: how insurers can support the decarbonisation transition
Riskier business
Letter from Target Markets: back to deal-making
A postcard from Baden-Baden…
Broadening the conversation: Collaboration critical in building ESG agenda
Recent Covid 19 BI judgments raise fresh questions over reinsurance recoveries
Entertainment industry looks for new solutions as contingency insurers still wary