It's always good to start the new year with a bang, and the news that Ajit Jain is launching a new fac unit headed by the well-regarded John Gorman is certainly a fine way to kick off 2017.
Property direct and facultative underwriters appear to be bracing themselves for a testing 2017 after several years of battling against challenging conditions on the open market side, according to a survey of the market conducted by Inside FAC.
Ajit Jain has hired property facultative stalwart John Gorman to head a new P&C fac unit under the Berkshire Hathaway Reinsurance Group umbrella, Inside FAC has learned.
Aegis London's new head of property Toby Sawyer has said it is important to focus on the fact that despite challenging conditions in the current property direct and facultative (D&F) space there are still areas worth writing.
The London contingency (re)insurance market is anticipating a significant claim following the death of Star Wars actress Carrie Fisher.
The personal accident (PA) market is anticipating a $35mn permanent total disablement loss from US baseball team the Texas Rangers following the career-ending injury to player Prince Fielder.
Marine (re)insurers have been notified that the ground-up loss from the collision in March 2015 between oil and chemical tanker Alpine Eternity and an Iranian offshore drilling platform has risen to $275mn, up from an initial estimate of $225mn.
Hail and other severe weather caused more than $6bn of insured losses in Texas during 2016, including $1.4bn from a single storm, according to the Insurance Council of Texas (ICT).
Damage to the Kwame Nkrumah floating production, storage and offloading (FPSO) vessel moored on Ghana's Jubilee oil field is expected to cost (re)insurers as much as $1.4bn.
The significant increase in economic losses from natural catastrophes during 2016 has highlighted the growing risk gap in regions that are underinsured for such events, according to leading reinsurers.
Reinsurance pricing declined further across most lines and geographies at the 1 January renewals as carriers looking for rating stabilisation "had their hopes dashed", according to Willis Re's 1st View report.
Signs of a slowdown in the pace of rate reductions for energy (re)insurance business were in evidence at the 1 January renewals, although market uncertainty is likely to continue, according to JLT Specialty.
Managing general agency (MGA) Pardus has recruited Wayne Paternoster to head its new contingency facility.
Vanessa Macdonald-Smith - CEO, JLT Fac
Rising income inequality and societal polarisation triggered political change in 2016 and could exacerbate global risks in the coming year if urgent action is not taken, according to the Global Risks Report 2017
The flow of Colombian business might be changing, but demand for facultative capacity to support major projects continues apace, as Inside FAC discovers
With office and residential building risks hopelessly oversubscribed and energy projects hit by falling oil prices, the market is seeking out new opportunities in the global construction sector
Matthew Hooker, head of natural resources, and Duncan Urquhart, head of construction industry and broking, have both left Willis Towers Watson's Asian operation. Both men are believed to have departed the broker in November. Urquhart worked for the Asian operation for six years prior to leaving, while Hooker took up the natural resources role in September 2015