Reinsurance

Fears of regulatory overreach on LOCs as Vesttoo scandal deepens

As global (re)insurance leaders gather in person for the first time since the Vesttoo scandal emerged in July, fears are growing that heightened scrutiny around letters of credit may see rating agencies and regulators take actions that disrupt a long-established practice.

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.

Top 10 Reinsurance Broker Rankings

As the dust settles following several years of ground-breaking M&A deals, our annual Top 10 Reinsurance Broker Rankings – based on 2022 revenue estimates – features a more stable line-up, with Gallagher Re and Howden Tiger cementing their positions as the third and fourth biggest reinsurance brokers.

Reinsurers showing increased cyber appetite ahead of 1.1

Cyber reinsurance capacity has increased while buying options continue to expand, with event covers emerging and even some alternative capital deals being done – but reinsurers will be keeping a close eye on cedants’ performance and systemic exposures at the upcoming renewals.

Reinsurers look to regain more ground on casualty and professional ceding commissions

The last year has seen a reversal in the direction of ceding commissions for long-tail lines quota shares, with the upcoming 1 January renewal likely to see reinsurers push to accelerate the downward pressure on cedes.

Aon’s Marcell: Stable 1.1 cat market expected amid increasing competition

Absent any major cat events between now and 1 January, Aon’s newly appointed CEO of Risk Capital Andy Marcell expects a significantly more orderly renewal as he suggested increased competition among reinsurers to deploy capacity could put downwards pressure on pricing for some buyers.

Scor’s Nudo: Reinsurers not being compensated for heightened US liability risk

A deteriorating US tort environment, loss trend inflation, prior year development and flattening or reducing primary rates are all taking their toll on the US casualty market.

The measured approach

IGI CUO Chris Jarvis explains how a commitment to discipline has helped the company outperform its peers.

The high cost of low-quality reinsurance data

Supercede’s Jerad Leigh highlights how bad data can lead to higher costs and lower trust.

Rising verdict severity ripples through casualty lines

As liability/casualty writers adjust to ever-increasing verdicts, TransRe’s Rich Henderson analyses the causes and consequences of such decisions.

Reflecting a changing market

A modernised reinsurance industry requires a streamlined approach that isn’t hampered by manual processes. Howden Tiger’s George Harris Hughes and Michelle To explain how the firm’s in-house REflect solution is transforming how long-tail reinsurance is procured in the casualty market.

A time to shine

Camilo Rodriguez, head of international credit and surety at Axis Capital, considers the latest developments and challenges in the credit and surety reinsurance sector.

Facultative reinsurance takes its seat at the table

Acrisure Re’s Ghassan Mansour examines the rising prominence of facultative reinsurance.

Hard markets are here to stay

Jill Beggs, head of North America reinsurance at Everest, explains how insurers are reacting to increased insured losses in North America and the company’s strategy for this key market.

Black swans in plain sight

Predicting and assessing catastrophe risk is at the heart of reinsurance, but how well has that function been performed this millennium, and what lessons have been learned?

Golling: Munich Re prepared to give up cyber business over accumulation concerns

Munich Re management board member Stefan Golling has warned that the carrier – the industry’s largest cyber reinsurer – is prepared to exit business within the class that carries potentially systemic exposures.

Scor’s Conoscente: (Re)insurance industry must increase rates to ensure pricing sustainability

While reinsurance will slightly better its cost of capital in 2023, further rate increases are necessary to match rising risk exposures and ensure the future sustainability of (re)insurance pricing, according to Jean-Paul Conoscente, CEO of Scor P&C.

Munich Re: Expect us to continue to love nat cat business

Munich Re has said it remains comfortable with its natural catastrophe exposures and that it will continue to offer capacity at upcoming renewals.

Zeller and Arora fundraising for $1bn Switzerland-based reinsurer start-up

Former Hannover Re CEO Wilhelm Zeller and ex-Axis Re CEO Steve Arora are in the process of fundraising for a new Switzerland-based multi-line P&C reinsurer called Alpine Re, which is looking to make a strategic entry early next year to target what is viewed as a significant opportunity in the space, The Insurer can reveal.

AM Best: Decline of specialisation as top global players solidify their position

Established reinsurance leaders have consolidated their position during 2023 as the need to meet investor demands on return on equity makes the market environment increasingly challenging for smaller, more specialised players, according to AM Best.

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