A eulogy for concurrencyJeff Irvan, chief property officer at BMS, says non-concurrent reinsurance placements are becoming increasingly commonplace as quoting ranges widen…
KBW: 1.1 property rate increase expectations see “modest deceleration”Current property reinsurance rate increase ambitions for 1 January are “modestly below levels hoped for several months ago”, according to KBW, although the more fragile capital positions of Florida insurers suggests bigger mid-year increases could lie ahead.
MNK Re hires Gallagher’s Bragg to lead international property fac divisionLloyd’s broker MNK Re has appointed Adam Bragg as managing director of its international facultative property division.
Conduit Re targets $472mn GWP in 2021 as it pursues mid-teens ROEConduit Re expects to underwrite between 50 and 80 reinsurance policies ahead of 1 January related to risks incepting at the renewal, the Neil Eckert and Trevor Carvey-led $1.1bn start-up has revealed in the investor prospectus for its IPO earlier this week.
Turker Re launches Turkey quake ILW productLloyd’s broker Turker Re has launched what it says is a first-of-its-kind Turkey earthquake industry loss warranty (ILW) product aimed at creating a new market for insurers, reinsurers and ILS managers.
UPC expands quota share programmeFlorida carrier United Insurance Holdings (UPC) has bound terms that expand its current quota share reinsurance programme for two subsidiaries from the current cession rate of 22.5 percent to 30.5 percent, effective 31 December 2020.
Aon launches new global cat facility Marilla with Swiss Re, Partner Re commitmentAon’s new global cat reinsurance facility has secured initial support from Swiss Re and PartnerRe and will look to add further traditional and alternative capital participation as the broker secures additional capacity for clients in a tightening market, The Insurer understands.
Palomar shares down 12% as reveals back-up reinsurance and coastal deriskingPalomar shares dropped sharply Wednesday after the specialty insurer reported a soaring combined ratio on heavy Q3 cats and revealed coastal derisking and the purchase of back-up reinsurance protection.
Aon adds Vibe’s Sylvester to UK specialty casualty teamAon has named Sam Sylvester as a senior property broker in the UK and Ireland specialty casualty team of its Reinsurance Solutions business.
State Auto’s Q3 Irma creep hits reinsurance retentionState Auto has reported third quarter results that were hit by $58.7mn of catastrophe losses, which included $12.3mn of Hurricane Irma creep that leaves the US insurer reserved up to the retention of the reinsurance treaty in place at the time of the 2017 storm.
FedNat’s Braun expects lower reinsurance price increase in 2021The CEO of FedNat has said there is no timeframe for its strategic review and that he expects the Florida carrier’s reinsurance price increases in 2021 to be at a lower level than the previous two years.
Hurricane Eta losses expected to be minimal: AM BestThe insured losses from Hurricane Eta, which made landfall in Nicaragua on Tuesday, will be minimal, AM Best expects.
A tale of two reinsurance buyersAs earnings season gathers pace in the coming week a common theme from carriers that have reinsurance businesses is likely to be momentum in pricing across the sector building towards 1 January and other key renewal seasons in 2021 as the market moves into hard market territory.
Kemper hits cat agg retention after Q3 cat lossesKemper Corporation has reached the $60mn retention on its catastrophe aggregate reinsurance programme after being hit with losses during the third quarter.
Leading from the frontSimon Hedley, president of Beach and CEO of Beach North America, an Acrisure Company, on how a blend of strong analytical and broking skills will help clients “find a way” during challenging times
Delta’s track closely compares with $6.4bn Rita but Laura impact will limit losses: AM BestAs Hurricane Delta approached Louisiana, AM Best warned that the storm represents a “uniquely dangerous situation”, with the areas that are likely to be hit the same as those battered by late August’s Hurricane Laura.
Grunewald joins reinsurance MGA Tamesis DUALHyperion-owned reinsurance MGA Tamesis DUAL has hired Matthew Grunewald as a senior underwriter from parametric-focused New Paradigm Underwriters.
Wildfires, Sally and Beta cost insurers billions in September: AonInsurers were hit with multi-billion-dollar losses in September, with historic wildfires continuing to burn across the Western US and Hurricane Sally and Tropical Storm Beta making landfall, according to Aon’s Global Catastrophe Report.
Markel closes property cat re unit and consolidates business under NephilaUS (re)insurer Markel has announced it is closing its Markel Global Reinsurance property catastrophe unit with its ILS fund manager Nephila becoming the single point of entry for the business in a move that will result in about 25 job reductions.
Tudor-Thomas named EVP of US property at Validus ReAndrew Tudor-Thomas has taken the position of executive vice president for US property at AIG-owned reinsurer Validus Re, The Insurer understands.