Specialist Lloyd's insurer Novae has made three new hires to its cyber team, the carrier has announced.
Property direct and facultative (D&F) market veteran David Leathem, who departed Channel Syndicate in July, has been hired by Towergate to head the intermediary's new London underwriting platform.
Back from the 60th annual Monte Carlo Rendez-Vous and still recovering. It's a fantastic meeting but the trouble I find is that there is just so much going on and so many great people in attendance it's virtually impossible to do all that you want.
The property direct & facultative (D&F) market is facing a possible loss in the region of $500mn as a result of a fire that destroyed a large part of retail manufacturer Gap's state of the art Fishkill distribution centre in New York State, Inside FAC can reveal.
Speaking at this year's Monte Carlo Rendez-Vous, the charismatic CEO of Scor, Denis Kessler, gave some cheer to the fac market in his company's presentation with suggestions that the scale and severity of risk will drive future demand.
Lloyd's carrier Ascot - which includes US subsidiary Ascot Specialty (formerly Ascot Fac) - has agreed a $1.1bn sale to its preferred bidder the Canada Pension Plan Investment Board (CPPIB).
Addressing this year's Monte Carlo Rendez-Vous, Torsten Jerrowek, member of the board of management at Munich Re, suggested that the reinsurance market is finally beginning to turn a corner on pricing.
The price decline in natural catastrophe cover is expected to slow down and stable rates are anticipated for the property per risk business, according to analysis presented by Swiss Re at this year's Monte Carlo Rendez-Vous.
Hannover Re has predicted that treaty pricing will remain stable at the 1 January renewals as the impact of attritional losses and pressure on returns takes hold.
Catastrophe loss compilation specialist Perils has extended its market coverage to include Australia.
XL Catlin has entered into a definitive agreement to acquire Brooklyn Underwriting, an Australian underwriting agency and Lloyd's approved coverholder.