Inside FAC July-August 2019
Midsummer is something of a hiatus for Inside FAC, as the publication takes a break for one issue, returning in September, reinvigorated and ready for Monte Carlo
The total loss of a Vega launch vehicle and its payload on take-off from the Guiana Space Center on 10 July is expected to hit the space (re)insurance market with a claim in excess of $400mn, Inside FAC has learned.
A fire at a Jim Beam warehouse in Kentucky is expected to cost the cargo market up to $150mn after 45,000 barrels of bourbon were reported to have been destroyed in the blaze.
Online grocery firm Ocado has revealed that the expected loss from the fire at its Andover warehouse in February has increased by £10mn to £110.3mn.
Two more employees from JLT Re’s facultative team, which was absorbed into Guy Carpenter after JLT’s acquisition by Marsh & McLennan Companies (MMC), are understood to have left the broker, Inside FAC has learned.
An arbitration panel has decided in favour of Munich Re in its dispute with Norwegian insurer Protector Forsikring over (re)insured losses from the Grenfell Tower fire in 2017.
Munich Re has combined its facultative reinsurance and big-ticket primary operations into a single unit headed by Alex Wettemann.
StarStone Insurance Services CEO Tim Fillingham is set to join broking start-up McGill & Partners as a partner in the energy practice.
Aon’s CEO of global MGA and portfolio solutions, Andrew Matson, is to leave the broker to take up a role at start-up firm McGill & Partners.
AIG has combined all of its reinsurance businesses into a single entity, to be known as AIG Re. The newly created platform will be headed by Christopher Schaper, who joins the carrier from Marsh.
Anne Middleton, Axa XL’s global head of ceded reinsurance, has joined Convex as head of ceded reinsurance and capital modelling.
The fire at a Philadelphia Energy Solutions (PES) refinery, which was initially estimated as being likely to cost insurers between $250mn and $350mn, could be a $1bn total loss after the company announced the permanent closure of the site.
The downstream energy market is braced for a possible further $600mn of losses, on top of the minimum $250mn-$350mn anticipated as a consequence of the Philadelphia Energy Solutions refinery fire.
The crash of a Miami Air International-operated flight from Guantanamo Bay to Florida in May has caused the aviation market a $51mn loss.
The aviation war insurance market is set to absorb a $110mn claim arising from the disappearance of Malaysia Airlines flight MH370 in 2014.
Zurich Insurance’s CEO for Europe, the Middle East and Africa (EMEA) and bank distribution, Amanda Blanc, has resigned from her post, the carrier has revealed.
Allianz CEO Oliver Bäte is to become the final member of the Lloyd’s global advisory committee, joining CEOs such as Aon’s Greg Case, Marsh & McLennan Companies’ Dan Glaser and Ascot’s Andrew Brooks.
Canopius has made four new appointments to its recently established, Sydney-based Asia Pacific underwriting operation.
With a recent rash of high-value refinery losses, the downstream sector could be approaching an inflection point, with more carriers re-thinking their risk appetites
Ron Diaz and Everest Re’s non-nonsense approach to facultative underwriting stresses the need to be both flexible and efficient in order to succeed in the market
While Japan can lay claim to the second-largest global economy and the fourth-largest commercial insurance market, it also has an unenviable reputation for repeated major cat losses, finds Helen Yates
Contingency and product recall risks are as popular as ever as a diversification play, says Sean Farrell, but carriers need to be aware that the nature of some of these risks is changing
Tim Butcher, senior class underwriter of international liability business at D L Dale and Others, Syndicate 2525, has decided to retire.
The back page of Inside FAC is familiar territory for reports on the quirkier incidences of property (usually fire) damage.