#ReinsuranceMonth NEWS

Richardson: The modern broker must take the Moneyball approach

Existing structures that have been in place for 20-30 years will be dramatically disrupted and a new approach taken around data and analytics as insurers and reinsurers pivot or change their capital stacks and mix of distribution.

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.

Global aviation lessor disputes drop below $10bn following AerCap settlement

A landmark settlement reached by the world’s largest aircraft lessor AerCap has seen the collective value of legal cases launched in the UK, Ireland and US by aircraft leasing firms against insurers over the loss of hundreds of planes stuck in Russia since its invasion of Ukraine fall to $9.7bn, analysis by The Insurer shows.

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.

UK BI litigation enters final act with Stonegate and ExCeL appeals to dominate

It is now almost three years since the Supreme Court handed down its largely policyholder-friendly judgment in the Financial Conduct Authority test case, but for many insurers, their reinsurers and policyholders, uncertainty remains over Covid-19 business interruption exposures.

PFAS: Causal link to personal injury could open litigation floodgates

The Insurer explores the industry’s approach towards managing exposure to PFAS liabilities.

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.

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.

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.

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.

Clear Blue replaces Vesttoo reinsurance for all in-force business and takes $16mn Q2 charge

Hybrid fronting carrier Clear Blue has filed delayed Q2 statutory financial statements which include a $15.8mn charge for the writedown of collateral on run-off business in relation to Vesttoo and Corinthian Group, as it also said that it has replaced all reinsurance on its ongoing portfolio of business.

Fronting market surges to $13bn as “asset-light” structures proliferate

Fronting companies wrote more than $13bn GWP last year – up from $9.5bn in 2021 and more than double the level of 2020 – highlighting the increasingly important role that they, MGAs and reciprocal exchanges occupy in the industry ecosystem.