Inside FAC April 2018
One of the lovely aspects of a stew, as I'm sure you're aware, is that it tends to get better and better if left for a day or two as the flavours develop and intensify.
The appalling 2017 loss record for the downstream energy (re)insurance market, already conservatively estimated at $5.5bn, is likely to worsen due to further deterioration on major man-made losses.
Skuld-backed Special Purpose Arrangement (SPA) 6126 has recorded a loss of £20.2mn ($28.3mn) for the 2017 calendar year, joining the ranks of Lloyd's players that were bruised and battered by losses from Harvey, Irma and Maria.
Markel's surprise decision in March to exit London direct and facultative (D&F) property was compounded in April with the news that it had also parted company with senior underwriters in its Bermudian operation.
Insured losses will run to hundreds of millions
The Lloyd's market absorbed £4.5bn ($6.3bn) in major claims in 2017 (2016: £2.1bn), with US and Caribbean-oriented direct and facultative property writers taking a pounding off the back of Harvey, Irma and Maria.
Property reinsurance rates remained broadly flat on loss-free accounts at the 1 April renewals, according to Willis Re's 1st View report.
French carrier Axa has agreed a $15.3bn deal to acquire XL Group as it seeks to become a major property and casualty player.
FM Global reported an $835.8mn operating loss for 2017 as hurricane and earthquake claims drove insured losses to a level the P&C carrier said "far surpassed projections".
Sean McGovern, chief compliance officer and head of regulatory and government affairs, XL Catlin
Inside FAC has reached the big one with 100 issues, and we are genuinely delighted to celebrate 10 years of service as the only dedicated publication for the global facultative marketplace
Just over a decade after Brazil opened its doors to competition from international reinsurers, Argentina has followed suit, with President Macri’s centre-right government unafraid of reform, as Inside FAC discovers
While the Samarco loss has mining carriers fighting shy of LatAm liability, the boom in tech metals has opened up new property and BI options
We thought we'd move away from the usual scurrilous gossip this month to celebrate some really progressive moves being made by the (re)insurance market at the moment. Yes, you heard us right!