Everyone has their place in the sun, so the saying goes, and there seems little doubt when looking around the fac market, whether that be in London, the US or further afield, that fac brokers are having a rather splendid time of it at the moment.
If US property fac market observers thought that the first half of 2015 was some sort of nadir they have been cruelly proved wrong, as the relentless pressure on rates and conditions appears to be continuing apace, Inside FAC understands.
As Inside FAC went to press, underwriters in the onshore energy market were bracing themselves for what could yet be a market-changing event in the shape of losses to oil sands producers in the threatened Alberta province of Canada.
FM Global looks set to pick up a sizeable proportion of an estimated $70mn claim following the total loss of a major warehouse in Chicago last month, Inside FAC can reveal.
The unprecedented wildfires that are sweeping across a large area of Canada's Alberta province have triggered a wave of closures at oil sands facilities, threatening possible business interruption (BI) losses as well as property damage claims, Inside FAC understands.
The Lloyd's market will almost certainly shoulder the majority of losses arising from the explosion at the Pajaritos petrochemical complex in Mexico on 20 April, Inside FAC understands.
The Brazilian Federal Public Prosecutor's Office has filed a 155bn reais ($43.bn) lawsuit against mining company Samarco and parent companies Vale and BHP Billiton over the tailings dam collapse last November that resulted in 19 deaths and widespread environmental pollution.
(Re)insurers are anxious to trace claims developing from February's Taiwan earthquake, with underwriters in the direct and facultative market concerned that losses associated with semiconductor production could tip the overall hit past $1bn.
London-listed Lancashire Holdings reported a 15.4 percent increase in property gross premiums in the first quarter of 2016, predominantly driven by its political risk and property catastrophe excess-of-loss sub-classes.
Markel Corp's (re)insurance segment reported a consolidated profit of $227.3mn in the first quarter of 2016, down 9.8 percent on the $252mn recorded a year earlier.
Willis Towers Watson has teamed up with Chubb to release a new tailored insurance product for companies servicing the global oil and gas industry.
Last year a continued benign period for natural catastrophe losses reined in deterioration of combined ratios, but was offset by significant downward pressure on reinsurers' underlying profitability, according to Willis Re.
Swiss Re Corporate Solutions (SRCS) saw net income more than halve during the first quarter of 2016, partly due to losses from weather derivative products offered to clients.
Organic revenues in the legacy Willis Capital, Wholesale and Reinsurance (WCWR) segment at Willis Towers Watson declined 3 percent in the first quarter to $331mn, primarily due to the departure of Willis's fine art, jewellery and specie team.
Alistair Lester, global head of facultative, Willis Towers Watson
It has become something of a truism that the insurance market has struggled to adapt fully to the global shift from a tangible to an intangible economy.
In a world of big data, D&F underwriters potentially have more information at their fingertips than ever before. However, the key to success is how that data is utilised to reduce loss ratios and improve profitability
What do the sliced hand of a Spanish pop star, warehouse security and possible aviation near misses have in common? Inside FAC investigates the world of drones
One of last month's biggest single risk losses for US (re)insurers, the estimated $60mn-$70mn total loss of a furniture warehouse in the Woodridge suburb of Chicago, has been connected with the actions of a disgruntled employee, according to local media reports.