Inside FAC March 2019
As the UK’s collective shame grows over the unedifying shambles that is the ongoing Brexit process, one relief amid the seemingly endless rehashes of a deal that never concludes is the lack of mealy-mouthed rhetoric about Britain’s ‘special relationship’ with the US.
The quantity of new business coming into the London property direct and facultative (D&F) market has taken some underwriters by surprise, exceeding expectations that a shake-up of US primary carriers would fuel submissions.
The offshore wind generation industry continues to be plagued by problems with subsea cabling, with claims for such issues comprising up to 65 percent of total insured losses for the sector, Inside FAC has learned.
Aon has renewed its Marlin facultative reinsurance facility for 2019 with Travelers as the lead market and Hiscox, Beazley, Faraday and Liberty Specialty Markets providing additional capacity.
China Re Corporation (China Re) has launched a Lloyd’s renewable energy consortium, focused on reinsurance of the construction and operation of offshore wind farms in mainland China.
Hannover Re’s property and casualty (P&C) reinsurance division suffered a 38.5 percent drop in fourth quarter operating profits, year on year, to EUR319mn, following significant catastrophe losses.
Munich Re has announced what it says is the first long-term insurance cover for battery storage systems in the renewable energy sector.
Sedgwick has acquired specialist loss adjusting firm Adams Media as it builds up its UK specialty portfolio offering.
The crash of an Ethiopian Airlines Boeing 737 airliner, which killed all passengers and crew, is likely to be a $50mn-$60mn hull loss for the aviation market.
US utility firm Pacific Gas & Electric (PG&E) admitted in a press release on 28 February that it was “probable that its equipment will be determined to be an ignition point of the 2018 Camp Fire”.
The energy construction market is anticipating a loss of at least AS$2bn ($1.42bn) after the operator of one of the world’s largest energy projects filed two separate claims on its erection all-risks (EAR) policy.
A cargo plane leased by Amazon which crashed on approach to George Bush International Airport in Houston, Texas is expected to be a $43mn loss to the aviation market.
The severe weather that covered a wide swathe of central and eastern US in late February killed at least four people and is likely to cause insured losses in the hundreds of millions of dollars.
Total claims from Typhoon Jebi look set to rise beyond $10bn, with much of the loss creep above the $7bn mark picked up by reinsurers, according to underwriting sources.
Former Aon president Steve McGill is targeting a second-quarter launch for a new transatlantic boutique (re)insurance broker, according to sister publication The Insurance Insider.
The UK Financial Conduct Authority’s (FCA) report into the wholesale insurance broking market has concluded that there is no evidence of widespread tying of insurance broking services to facultative reinsurance placements.
Marsh & McLennan Companies (MMC) and JLT are to sell JLT’s global aerospace business to AJ Gallagher (AJG) in a deal that is scheduled to close this spring.
The offshore wind sector appears to be entering a new stage of its development as a number of countries seek to reduce their carbon emissions from conventional power generation via renewable sources of energy.
While facultative submissions are rising, Arch Re Fac’s Santiago Hernandez is aware that buyers’ risk perception can be a fickle thing. All the more reason to have cut back wildfire exposures early…
Despite political and economic problems, growing litigiousness, and a rising claims environment, South Africa retains a cordial, if arm’s-length, relationship with the London market, finds David Benyon
In recent years, the London PI market has been as soft as a blancmange. With losses mounting and capacity finally slimming, Marcus Alcock wonders if 2019 will see an end to the wobbles
Toby Humphreys has been appointed managing director in Tysers’ management risk team, alongside fellow managing director Andrew Pickthorn.
Your dear editor was amused to receive an unsolicited email from a PR agency recently which, not being intended for the recipient, was soon followed by anxious phone calls suggesting I might like to forget what I’d just seen.