Florida sign

Upsized Citizens reinsurance shows ill-health of FL homeowners market

2021-03-04T15:29:00+00:00

An extra $1.6bn of year-on-year demand for cat limit to support a fast-growing carrier would typically be welcomed by reinsurers, but the rapid expansion of Florida’s insurer of last resort only serves to highlight the plight of the state’s homeowners market. As reported by this publication last ...

TypTap, HCI and Centerbridge

HCI’s TypTap strategy is paying off

2021-03-01T16:03:00+00:00

At a time when most Florida homeowners carriers continue to struggle with a challenging operating environment, shares in HCI Group surged almost 30 percent in trading this morning.

Cuthbert Heath

The perils of ignoring Cuthbert Heath…

2021-03-01T08:36:00+00:00

With the exception of AIG, the insurance industry had a decent financial crisis when the icy chill winds gripped Wall Street almost 13 years ago and the bankers became public enemy #1.

Texas

Uri – unmodelled and under-priced?

2021-02-23T15:18:00+00:00

The giant winter storm that froze Texas (and other states) last week has been described in some quarters as being closer to a hurricane in its footprint and some of its attributes than a typical extreme weather event at this time of year.

IG P&I Golden Ray

A year’s pause for the IG

2021-02-19T08:27:00+00:00

Tomorrow – 20 February – is a well-known date in the marine (re)insurance calendar for two reasons. 

Comment

Rising replacement costs – the next major claims inflation challenge?

2021-02-17T15:33:00+00:00

Escalating replacement costs are threatening to drive up the cost of recent US catastrophe events, with broker Aon likening the challenge to the assignment of benefits (AOB) issue which pushed up claims costs in Florida following Hurricane Irma in 2017.

RMS

Plucking the industry…

2021-02-12T16:03:24.74+00:00

Around the time that Edward Lloyd opened his City of London coffee shop, Jean-Baptiste Colbert was neatly summarising the delicate line which a chief finance minister must tread.

Impact of Covid

Covid-19 claims short-tail momentum slows…but long-tail remains uncertain

2021-02-05T13:28:00+00:00

Two disparate views have been put forward about the future Covid-19 claims trajectory, with one suggesting we are on course for a sustained period of losses potentially costing the industry well in excess of $100bn, while the other suggests loss activity is tailing off and will largely be contained in ...

Lloyd's China

Is Antares’ Lloyd’s China exit latest sign of a wider trend?

2021-02-05T08:28:00+00:00

Antares’ decision to place the Lloyd’s China operation at Syndicate 1274 into run-off – announced earlier this week – is the latest in a series of moves by market participants to rationalise international operations.

Mind the Gap

Chubb highlights the primary v reinsurance divide

2021-02-04T07:39:00+00:00

There has been no shortage of earnings call commentary supporting the view that commercial insurance pricing momentum remains strong at the start of 2021. But the scale of increases over loss cost trends reported by Chubb this week was arguably the most bullish assessment of the market environment yet.

US E&S market

Data points highlight E&S momentum as new players line up

2021-02-01T16:01:00+00:00

US commercial insurance pricing was always likely to be a strong focus for investors during the Q4 earnings season, and the indication from early reporting carriers and brokers is that the momentum that is drawing new players to the E&S segment is holding on strong.

L plate

UK motor insurers put brakes on Covid-19 goodwill measures

2021-01-28T08:19:00+00:00

A survey this week from UK consumer watchdog Which? revealed only one in five British drivers received  a premium refund from their motor insurer last year despite the strict Covid-19 lockdown measures in place for much of the first half of 2020.

Aon - WTW collage

Six key takeaways from the Aon-WTW post/deal structure

2021-01-27T16:46:00+00:00

Aon’s acquisition of Willis Towers Watson (WTW) is still a way from completion – after all, it was little more than a month ago that the European Commission elevated its competition inquiry into Phase II.

Everest US Casualty

Is the spectre of US casualty reserve deficiencies set to loom over 2021?

2021-01-26T14:42:00+00:00

Everest Re’s surprise $400mn casualty-focused reinsurance reserves charge, announced after markets closed last night, raises questions as to whether another wave of liability reserve strengthening may be set to follow in 2021.

Victoria Carter, Angela  Crawford-Ingle, Karen Green. and Fiona Luck – Lloyd's

Is it time for a female Lloyd’s deputy chair?

2021-01-26T08:33:00+00:00

Despite the grandstanding of his predecessor, John Neal has delivered more to assist the cause of gender equality than any Lloyd’s CEO before him.

US E&S market

The E&S pull

2021-01-25T16:08:00+00:00

After a number of start-ups and scale-ups were unveiled in 2020, Upland Capital Group has emerged as the first of a potential Class of 2021 to target the fast-hardening US excess and surplus lines market as investors and industry figures continue to be drawn to the sector.

Coronavirus

US insurers off to a bad start to 2021 for Covid-19 BI rulings

2021-01-22T15:12:00+00:00

The number of Covid -19 business interruption cases lost by insurers in US courts has doubled so far this year.

Program Manager

Fertile ground in the program sector draws fresh interest

2021-01-20T13:25:00+00:00

Opportunities to access specialty insurance business and potential fee income continue to attract the attention of capacity providers to the US program sector.

Buses

All aboard the London IPO

2021-01-19T08:52:00+00:00

That’s the thing about London (re)insurance IPOs. You wait for ages for one and then – just like buses – two come along at once.

Trump supporters

Insurers’ DC riots response commendable but largely symbolic

2021-01-14T14:35:00+00:00

Several major companies from the industry have taken a stand on political contributions following protestors last week storming the US Capitol and some lawmakers’ opposition to certifying the electoral college vote, but the steps taken so far are largely symbolic.