Inside FAC January 2020
We’re off to a robust start to the year, with (re)insured losses from the bushfires in Australia climbing steadily as a beleaguered fire service attempts to bring the hellish blaze under control.
A December fire at Total’s oil refinery in Gonfreville-l’Orcher, Normandy, is set to be a $100mn property damage (PD) loss, with business interruption (BI) costs said to be heading towards $300mn.
Insurers of the Puerto Rico Electric Power Authority (Prepa) are anticipating losses from damage to a power station and disruption to the island’s power systems following an earthquake on 7 January.
Insured losses stemming from the protests in Chile in October and December are expected to cost (re)insurers between $3bn and $4bn, with treaty reinsurers bearing substantial losses.
Philip Maloney, who was formerly a managing director at BMS before departing in November, has returned to the market at Gallagher.
Pioneer Underwriters is reported to be in sales talks with Ardonagh, US MGA K2 and Nexus, as the MGA struggles to retain underwriting teams for 2020 business.
Talbot CUO James Skinner is to retire this summer after a 30-year stint at the carrier, in what is understood to be a long-planned departure.
Raoul Carlos, international onshore energy head at Arch Insurance, has moved to recently acquired Castel Underwriting Agencies as head of specialty business.
Gallagher has completed its acquisition of the remaining shares in reinsurance broker Capsicum Re.
David Ashby, former managing director and principal underwriter for equine business at MS Amlin, is to head a new specialist equine MGA, following a management buyout
Axa XL has completed the merger of its fine art and corporate solutions businesses with its Irish-domiciled (re)insurance entity.
Insured losses from the widespread bushfires in Australia reached A$1.34bn ($923.7mn) as of 14 January, up A$345mn from an estimate four days earlier, according to the Insurance Council of Australia.
Aviation war insurers on risk for the Ukraine International Airlines (UIA) flight 752 that was shot down over Iran are set to pay out for the loss of the aircraft’s hull.
A winery in California’s Sonoma County has filed suit against RSA and four Lloyd’s syndicates after they denied coverage for vineyards damaged by wildfires in 2017.
Catastrophe loss aggregator Perils has increased its property loss estimate for damage caused by 2018’s Sydney hailstorms from A$766mn ($527mn) in July to A$798mn ($549mn).
Argo Group is the latest carrier to pull out of Miami, following a strategic review of the business, as it focuses on “prioritising and investing in the most profitable lines of business”.
American Financial Group’s (AFG’s) Lloyd’s operation Neon has followed other carriers in exiting the platform, with AFG placing the business into run-off after it failed to find a buyer
Lloyd’s performance management director Jon Hancock is to step down and leave the Corporation.
Ever since the Arab Spring, social media has played a growing role in driving political unrest
Clients who may have forgotten the benefits of facultative solutions are becoming re-acquainted with the market’s depth of expertise and knowledge, says Jeff Saper
Fac buying is buoyant in Europe’s second-largest insurance market. Pricing is volatile and capacity has run short, providing opportunities in 2020, says David Benyon
With expectations that protests in Chile could reach up to $2.5bn in insured losses for the all-risks market, property insurers are beginning to exclude SRCC clauses from their coverage
Marsh has appointed Sarah Stephens as head of cyber, international, within Marsh JLT Specialty
With the successful lift-off of another Ariane 5 launcher from Guiana Space Centre last night many in the space market will be quietly relieved