It would appear that 2016 hasn't been the best of years for the niche aquaculture market which has seen its premium base effectively wiped out following some rather nasty business with an algae infestation in a number of fish farms in Chile.
The niche aquaculture (re)insurance market has been forced to return to the drawing board following a year in which it suffered its largest ever loss of some $110mn following algal blooms at Chilean fish farms, Inside FAC can reveal.
GCFac has made a number of job cuts as part of a wider review at Guy Carpenter that began in earnest at the beginning of the month, Inside FAC understands.
The beleaguered directors' and officers' (D&O) market continues to remain under pressure thanks in no small part to a 44 percent increase in the filing of securities class action lawsuits over the past year.
Novae Group has warned of a decline in underwriting profits ahead of its preliminary results for the full-year 2016, due in March 2017, owing to large losses in the second half of the year.
AIG is understood to be the lead market for the Pakistan International Airlines (PIA) plane that crashed into a hillside north of Islamabad on 8 December.
Catastrophe loss data specialist Perils has estimated EUR31mn ($33.3mn) of property insured losses from the October earthquakes that struck central Italy.
The loss of 19 of the 22 members of Brazilian football team Chapecoense Real aboard a charter aircraft that crashed in Colombia last month is likely to be covered by domestic personal accident (PA) insurers - if it is covered at all.
Severe weather in Texas and New Mexico led public and private insurers to record losses nearing $300mn in November, alongside economic losses of $450mn, according to Aon Benfield's Impact Forecasting unit.
Talanx expects to take a "two-digit million euro" loss from the BASF factory explosion in October, according to CEO Herbert Haas, as reported by Reuters.
Liberty Mutual has reached a deal with Chinese conglomerate Fosun to acquire 100 percent of specialty insurer Ironshore for around $3bn that values the company at 1.45x tangible book value, it confirmed on 5 December.
In a move that will be watched with intense interest by those in the facultative market, Italy's Generali outlined plans in late November to pull out of 13-15 markets worldwide.
Axa is to extend its energy capabilities to include mid- and downstream chemical risks, as it centralises all of its power and energy underwriting within its new Energy & Chemicals business unit.
Willis Towers Watson has not yet named a successor for Alistair Lester, its global head of facultative who is leaving to take up a senior position at Aon, Inside FAC understands.
Lloyd's has announced a series of changes designed to sharpen its operational focus, following a review of its corporate structure by consultancy firm One6.
We love a bit of jargon. We also love new technology. Put the two together and what do you get? Blockchain, the latest kid on the financial services block. Inside FAC investigates
Tony Matta - Head of Facultative for Central America & Caribbean, Willis Towers Watson
Zurich's decision earlier this year to exit downstream business in the EMEA region has raised eyebrows, so Inside FAC decided to see what's being made of a difficult market at present...
A whiff of change is in the air at Aon Benfield. It doesn't seem so long ago that the broker was haemorrhaging senior facultative personnel, which culminated in rival Guy Carpenter prising Paul Summers away from his post as global fac CEO in June last year to become managing director and head of its International Facultative Reinsurance division.