Inside FAC June 2018
According to Lloyd’s chairman Bruce Carnegie-Brown, the market must reinvent its distribution structure to cut operating expenses.
The product recall and contamination (re)insurance market is increasingly looking to write greater volume in “difficult” sub-sectors which have historically burnt large swathes of the market, Inside FAC understands.
Some $1bn in terrorism and political violence cover has been placed in the commercial (re)insurance market ahead of the Fifa World Cup, according to analysis by Beazley.
Ryan Specialty Group (RSG) has launched a new reinsurance managing general underwriter (MGU), RyanRe Underwriting Managers, which will offer facultative capacity to clients.
Severe weather across a swathe of the US last month will cost insurers $2.5bn in claims, according to Karen Clark & Company (KCC).
A second KC-390-related claim in eight months is set to cost the aviation (re)insurance market some $130mn after the first model of a new military aircraft crashed at a Brazilian airport.
Angolan satellite could cost international market $120mn
2018 major losses: 1 January – 8 June
MS Amlin has bolstered its Asia Pacific team with the appointments of three Singapore-based underwriters, all with solid pedigree in the fac market.
UK insurers are preparing for increased scrutiny of reserving practices following intervention by the Prudential Regulation Authority (PRA).
Marsh has raised the limit for its global terrorism facility to $750mn.
Historic Benfield brand being dropped in move toward integrated structure
State-backed reinsurer China Re has launched a new earthquake catastrophe model.
Cyber insurance will generate annual worldwide premiums of $4bn by 2021, with a compound growth rate of 14.1 percent, according to Aon.
XL Group shareholders have indicated their approval for Axa’s $15.3bn acquisition of the company, the company said last month.
Qatar Re has decided to suspend underwriting of new and renewing facultative business in Dubai, ahead of a possible retrenchment from the market sector.
Lloyd’s has received approval from the Belgian regulator for its Brussels subsidiary, to write non-life business in the European Economic Area (EEA).
With regulators and social media driving greater awareness of product recalls and supply chain weaknesses, appetite for the coverage is stronger than ever, finds Inside FAC
Although often overshadowed as a (re)insurance market by its European neighbours, the Nordic region nonetheless continues to offer opportunities for the fac market – though conditions remain tough, as Inside FAC discovers
Head of open market property, Beazley
Ryan Specialty Group (RSG) has appointed former Aon Benfield chairman Mike O’Halleran as executive chairman of its newly launched reinsurance managing general underwriter (MGU) RyanRe Underwriting Managers.
Somewhat belatedly, Inside FAC decided to catch up with the world of InsurTech this month and trekked along to the InsiderTech London conference.