Inside FAC April 2019
So Marsh and JLT’s awfully big adventure has officially started, with the acquisition deal closing at the beginning of the month.
The Thai property (re)insurance market could be exposed to flood losses on the scale of those experienced in 2011, when a number of industrial estates in and around Bangkok were inundated by heavy rains.
The future structure of the facultative divisions of Guy Carpenter and JLT Re apparently remains unresolved following the conclusion of Marsh & McLennan Companies’ (MMC’s) acquisition of JLT.
Marsh & McLennan Companies (MMC) confirmed at the beginning of April that it had completed its acquisition of JLT for £4.9bn ($6.5bn).
Peter Boardman, a senior broker at JLT Specialty, resigned in late March to join Price Forbes, ahead of the closure of the acquisition deal by Marsh & McLennan Companies (MMC) on 1 April.
Lloyd’s CEO John Neal has revealed his vision for the long-term future of the market in a preliminary prospectus published on 27 March.
Axa XL’s Lloyd’s Syndicate 2003 reported a loss of $302.8mn for 2018, as a combination of prior-year claims, property losses and weak investment returns pushed the business further into the red.
CNA Hardy and Tokio Marine Kiln have withdrawn capacity from Ascot managing general underwriter (MGU) Ethos Specialty Insurance Services’ property binder book.
Catastrophe loss data aggregator Perils has issued a second loss estimate for the hailstorms that struck Sydney in December last year of A$633mn ($449mn) – relatively unchanged from its initial estimate.
Insured losses from damage caused by Storm Eberhard are likely to be between EUR900mn and EUR1.5bn ($1.02bn-$1.7bn), most of which are expected to come from Germany, according to AIR Worldwide.
The collapse of a tunnel at a hydroelectric plant in Georgia is likely to cost insurers between $70mn and $80mn, it is understood.
Swiss Re has increased its estimate for 2018 insured catastrophe losses to $85bn, from a total of $81bn in its February release.
Lloyd’s reported an aggregated market loss of £1bn for the full year 2018, exactly half the figure it recorded for the 12 months to 31 December 2017.
Munich Re’s P&C reinsurance business returned to profit for the full year 2018, with a result of EUR1.14bn, compared to a loss of EU476mn in the previous year.
Traditional equity capital fell 5 percent to $488bn while ILS capital rose by 9 percent to reach $97bn.
Aviation underwriters have set aside $275mn for liability payments and legal costs arising from the crash of Ethiopian Airlines flight 302.
Claims resulting from the Townsville floods in Queensland in January and February have reached A$1.04bn ($558.1mn), according to the Insurance Council of Australia (ICA) – up from the A$606mn reported in February.
Around two-thirds of Lloyd’s syndicates posted an underwriting loss for 2018...
Marsh-JLT Specialty suggests movement on upstream energy rates is likely to be slight in 2019, but could the “gentle market upswing” described by Willis Towers Watson turn into a full-blooded push-back?
The insurance market supertanker is slowly changing course, but more innovation and less duplication is needed to keep Lloyd’s relevant, argues Munich Re Syndicate’s Dominick Hoare
Eight years on from the Thai floods, property reinsurance rates on line have slid in a market characterised by overcapacity and short memories, finds Helen Yates
As capacity has bled from the A&H market in the wake of difficult conditions, those still writing the class are cautious about diagnosing a rapid recovery, finds Marcus Alcock
Colin Grint, the CEO of Charles Taylor Managing Agency (CTMA), has resigned to join AJ Gallagher (AJG) International in London.
As the (re)insurance market continues to be rocked by allegations of racism and Islamophobia, sexual harassment and drunkenness one might begin to wonder what kind of cesspit we spend our working lives in.