Reinsurance Month 2021

P&C insurtech deal volume strong in Q3 but fundraising value down from Q2

Following a record-breaking second quarter for new non-life insurtech-related funding, the pace in the third quarter has slowed despite seven $100mn-plus rounds so far.

#ReinsuranceMonth: The highlights

For the second consecutive year, The Insurer designated September as #ReinsuranceMonth and dedicated the entire month to providing in-depth coverage of the trends that will shape upcoming reinsurance renewals.

BMS Re’s Chandler: Not every casualty QS deal “will have a three in front of it”

There is “not any floor or ceiling” on casualty quota share ceding commissions with reinsurers becoming increasingly discerning about how they deploy their capital, Pete Chandler, president and CEO of BMS’ US reinsurance arm, has commented.

Donelan: Pricing and limit management key to navigating reinsurance market challenges

Reinsurers must focus on core underwriting competencies such as pricing adequacy and limit management following another painful year of primary and secondary peril cat events and to ensure they stay ahead of liability loss-cost trends, according to Sompo International reinsurance CEO Chris Donelan.

UK gov appoints head of new unit expected to scrutinise state-backed insurance entities

The UK government has appointed a banker to lead a new specialist unit tasked with ensuring HM Treasury (HMT) receives greater compensation for the £400bn+ of guarantees it provides to a variety of sectors, including P&C insurance.

Recent loss creep trend highlights potential for Ida to top $30bn

Expectations that Hurricane Ida insured losses will hit and potentially exceed the top end of modelled estimates have built throughout #ReinsuranceMonth, fuelled further by the release of an initial $26bn estimate from Property Claim Services.

Aspen: Cloutier’s path to profitability

The latest half-year results from Aspen can be viewed as a clear sign that actions taken under the stewardship of CEO Mark Cloutier to improve the carrier’s underwriting performance are taking shape.

Ida and severe convective storm losses fuel aggregate interest among mutuals

Hurricane and severe convective storm losses in the US are spurring greater interest among regional and super-regional mutuals in buying aggregate covers, although the cost of such protections means there are question marks over whether these programs will ultimately be purchased, market practitioners have told The Insurer.

EU unveils Solvency II overhaul but industry wants more…

Brussels last week unveiled a package of reforms to the Solvency II directive, including a short-term capital boost of up to €90bn ($105bn) for European insurers which it hopes will be used to increase investment in the region’s economy.

McGill and Partners expects revenues to reach $100mn in 2021 after flurry of major account wins

The 2019 specialist broking start-up McGill and Partners is on course to surpass $100mn in revenues this year and will shortly enter positive cash-flow territory, its founding CEO has revealed.

Roll call of 2021 cat losses threaten to burn through aggregate retro

There are mounting concerns in the retro market that an Ida loss that reaches $35bn on top of Uri and the European floods could fully erode industry aggregate limit placed when factoring in the buffering that collateralised writers will have to apply at year end, The Insurer has learned.

Wrapping up #ReinsuranceMonth: Ten key talking points ahead of the 1.1 renewals…

The autumn nights are drawing in. Soon, the September shadow boxing will be over and cedants, their brokers and reinsurers will get down properly to the task of negotiating in detail the structures and terms of their 2022 treaties. After a month of talking to the industry’s thought-leaders and experts, these are the key points that are expected to drive discussions…

Bridging the gap: finding solutions to better manage systemic risks

Covid-19 highlighted the need for governments and the private sector to work together to deliver solutions to meet systemic risk challenges. Our panel sat down to discuss the reasons behind the lack of progress in delivering these solutions and what can be done to bridge the gap between public and private to create better partnerships.

Solving the insurtech puzzle

Marc Piccione examines the recent explosion in technology and access to data that has resulted in the emergence of the insurtech market.

Specialty treaty demand on the rise

Cincinnati Re’s head of specialty reinsurance Bill Lazzaro highlights specialty treaty opportunities.

Curb your volatility to create value

Healthy earnings are vital for a healthy company, but the stability of those earnings can be just as vital in creating value. As catastrophe events become more frequent, carriers need strategies to keep a lid on volatility, writes Bill O’Keefe.

Acrisure Re’s Hedley: Certain reinsurers taking a “proactive” view of cyber

Acrisure Re CEO Simon Hedley has commented that some reinsurers are still seeing opportunity in the cyber market despite others remaining cautious, while the discipline in the casualty market means conditions in that space should stay positive for the next “year or two”.

Guy Carp’s Fuller: Property reinsurers remain disciplined despite excess capacity

Excess property reinsurance capacity may have reached levels historically associated with soft markets, but carriers have maintained pricing discipline and their appetite for catastrophe risk remains “very strong”, according to Guy Carpenter’s North America Property Center of Excellence head Randy Fuller.

EY’s Santenac: Sector “ready and willing” to act on sustainability transition

The global (re)insurance industry has sent a clear message that it is both ready and willing to redirect capital to aid the transition towards net zero but concerns over adequate returns may slow progress, according to EY’s global insurance leader Isabelle Santenac.

Axis Re’s Haugh: Property renewals could go down to the wire

Axis Re’s Ann Haugh has warned this year’s renewal discussions could go down to the wire as underwriters seek out opportunities that will provide a “solid return” for shareholders.

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