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Aviation reinsurers flying high after first AerCap settlement lands

It hasn’t been an easy few years for aviation reinsurance and retro underwriters.

Vesttoo: A fraud waiting to happen…

The Monte Carlo Rendez-Vous is the first major international (re)insurance event to take place since the Vesttoo scandal first emerged in June. No surprise, then, that it was a major discussion point yesterday as the 2023 Rendez-Vous opened.

Reinsurance: the value proposition

Reinsurers arrive in Monte Carlo for this year’s Rendez-Vous buoyed by a renewed sense of optimism, following a strong performance for the year to date.

No respite as reinsurance market tail wags the E&S dog

The fall conference season – as arduous as it is for those who must cross multiple continents and time zones – can act as an effective barometer for the P&C industry and the headwinds and tailwinds that shape the strategies of market participants.

Has Axa’s XL Re dilemma finally been put to rest?

Since the close of Axa’s $15.3bn acquisition of XL Group in 2018, the ownership of its reinsurance arm XL Re has been in question.

Lloyd’s carriers look west for E&S opportunity

This week both Beazley and Lancashire have unveiled new US platforms to take advantage of the red-hot E&S markets. It’s a well-trodden path, of course, but it highlights the Lloyd’s/London distribution cost dilemma…

The future of DEI in the corporate US

In light of last month’s US Supreme Court ruling to strike down affirmative action in college admission processes, ESG Insurer reflects on what this may mean for diversity, equity and inclusion programs in private workplaces and employment practices.

Conduit results vindicate Bermudian’s growth trajectory

When Conduit Re’s 2022 annual results produced a lacklustre 107 percent combined ratio, but with a minor underwriting profit of $0.3m, it left analysts deep in the accounting metrics, wondering how the impending transition to IFRS17 would affect earnings.

Keep it rolling...

The second quarter earnings season is underway and, just for a change, commentary around the sustainability of current pricing momentum is a major focus among investors in carriers and brokers.

Is Q2 another “but-for” quarter for US P&C insurers?

Cat losses are already a big theme of the Q2 reporting season for US-listed P&C insurers, with some expecting chunky hits to their combined ratios from wind and hail storms, prompting WR Berkley’s leader to express bafflement that some of his competitors act as if “cat losses don’t make a difference”.

How far will AM Best’s patience stretch with R&Q?

AM Best understands the damage it can cause when it downgrades a company’s financial strength rating below A-, which is why it is cautious and methodical before taking this step.

Caught between a rock and a hard place…

Several US insurance CEOs last week received letters from the Senate Budget Committee questioning how the industry prices and evaluates climate-related risks and what drives underwriting and investment decisions for fossil fuel-related exposures.

State Farm and Allstate’s California retreat down to both climate and regulation

The underlying causes of the California homeowners insurance market crisis – which has seen both State Farm and Allstate pause writing new business in the state – are not the CDI’s fault, but the regulator is making it worse and needs to take action on rates if more carriers are not to flee the Golden State.

Cost of repairs remains elevated as hurricane season begins…

This year’s Atlantic hurricane season officially begins today against a backdrop of uncertainty.

Running towards the fire...

Retrenchment from California is nothing new. A number of admitted carriers in recent years have either been scaling back, exiting, or pivoting to non-admitted participation in response to elevated wildfire losses and the regulatory barriers to charging what they believe is an adequate price for the risk they are assuming.

Florida allure returns for reinsurers at 6.1 as reforms and pricing count at renewal

Just a few months ago, buyers of Florida homeowners reinsurance were bracing for a capacity crunch at the 1 June renewal with serious concerns that a significant number of the Sunshine State’s domestic carriers would fail to get cat programs placed and struggle to trade forward.

Flight to quality

Among the many takeaways from the Program Manager 2023 Conference & Awards event in New York City last week there were arguably two that resonated and could be applied across all the topics for discussion on the day.

Can NZIA survive its latest departure?

When Hannover Re announced last month it was to become the third member to withdraw from the Net-Zero Insurance Alliance, there was a certain inevitability that it would not be the last.

RenRe poised to double down on hard market after $3bn Validus Re move

RenaissanceRe’s move to acquire Validus Re for $3bn just over a week before a major renewal date during what many consider to be a generational hard market caught most by surprise.

Blenheim exits as Berkshire leaps in with two feet…

A regular frustration for industry CEOs is the preoccupation of regulators to use premiums written as a key determinator for capital requirements.

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