Axa is targeting the African specialty market through a special purpose syndicate (SPS) arrangement with Chaucer Syndicate 1084, the carrier announced today (19 April).
The history of recent major earthquakes has taught us that unmodelled business interruption (BI) losses invariably form a substantive component of the overall loss burden, with AIR Worldwide's upper estimate of $2.9bn in industry losses as a result of last week's Japanese temblors likely to rise as a consequence, Inside FAC understands.
Liberty Mutual's global specialty and commercial business, Liberty International Underwriters (LIU), has appointed Robert Capicchioni as head of LIU Railroad, a division of its US primary casualty business.
Insured losses from the 16 April M7.8 earthquake in Ecuador could be as much as $850mn, according to catastrophe modeller AIR Worldwide.
Growth in its property book and certain casualty areas helped Aspen record an $89.9mn Q1 operating profit for 2016 - though this was still 8 percent down on the same period last year, as a result of a deterioration in its reinsurance business.
US insurer Travelers reported a 17 percent fall in net income for the first quarter of 2016, to $691mn from $827mn in the prior-year period, primarily due to a $156mn increase in catastrophe losses during the quarter.
The (re)insurers on troubled Mexican state-owned energy behemoth Pemex's programme are likely to avoid a pay out as a result of the explosion at the Pajaritos petrochemical complex on 20 April, Inside FAC understands.
A continuing period of benign natural catastrophe losses, which has reined in deterioration of combined ratios, was offset by significant downward pressure on reinsurers' underlying profitability in 2015, according to Willis Re.
The introduction of large and complex floating liquid natural gas (FLNG) vessels into the energy market poses a "colossal" challenge for insurers, according to a leading loss adjuster.
Everest Re has expanded its Everest Insurance platform with the launch of a credit and political risk unit, the company announced today (22 April).
Love the timing! According to rating agency AM Best's report on reinsurance released this week, the success or failure of the varied business models and the companies that adopt them remains to be seen, and will most likely become clearer once losses return to more normalised levels.