Inside FAC March 2020
It’s taken a whole year, but those persistent rumours that Aon was looking to make a move on Willis Towers Watson – as in really make a move, not just think about it – have finally come true.
Early indications of an uptick in rates for direct and facultative (D&F) business emanating from the Canadian market have been borne out at recent renewals, with domestic fac reinsurance rates also up
Simon Clapham, head of underwriting performance management at Liberty Specialty Markets (LSM), has stepped down from his role after 11 years with the carrier.
Aon has agreed to acquire Willis Towers Watson in a deal that values the latter at around $30bn and will create a combined entity with an implied equity value of around $80bn.
Guy Carpenter has made three senior appointments to its fac division, with the latest recruit being Willis Towers Watson’s Henry Lawrence.
Tokio Marine HCC (TMHCC) has signed a deal to buy London-based renewable energy specialist MGA GCube as it seeks to develop its own dedicated unit in the power market sub-class.
Lockton has appointed former JLT Re chairman Ross Howard as global chairman of Lockton Re, as the broker continues to expand its reinsurance team.
Willis Towers Watson has sought advice on a possible sale of its stake in Miller with the appointment of Goldman Sachs.
Credit and political risk insurance broker BPL Global is seeking to place a one-year, standalone strikes, riots and civil commotions (SRCC) policy for supermarket chain Walmart
Chubb has bought the renewal rights to the farm and agriculture business of Allianz Global Corporate & Specialty (AGCS) North America.
Initial estimates for insured losses from Windstorm Ciara have emerged, with RMS issuing a range of EUR1.1bn-EUR1.8bn, while AIR Worldwide has ranged slightly higher at EUR1.1bn-EUR1.9bn.
A tornado outbreak that struck Tennessee early on the morning of 3 March is thought to have killed at least 24 people and is estimated to have caused property damage worth at least $1bn.
Insurers of the Frenchman’s Reef beach resort in the US Virgin Islands have reached a settlement with the resort’s owner of $247mn for a claim for damage caused by Hurricane Irma in 2017.
Catastrophe loss data aggregator Perils has issued an initial estimate for insured property losses from the Australian hailstorms in January of A$670mn ($448mn).
The protection and indemnity (P&I) loss arising from the capsizing of the MV Golden Ray car carrier in September last year is expected to almost quadruple to $440mn
Munich Re’s P&C reinsurance segment’s consolidated result fell by more than a half, year on year, in the fourth quarter of 2019, from EUR59mn ($67mn) to EUR27mn, as catastrophe losses took their toll.
Swiss Re’s P&C reinsurance segment reported net income that was up 7 percent to $396mn for the full year 2019, while the woes of primary unit Corporate Solutions continued, with a loss of $647mn
Hiscox reported a pre-tax profit of $53.1mn for the full year 2019, down from $135.6mn the previous year, as heavy catastrophe losses took their toll on the carrier’s bottom line.
It’s not just the financial markets and the political currency of leaders of nations succumbing to coronavirus that are taking a beating – the (re)insurance sector also faces some pain
David Merry sees ‘tremendous scope’ to build up Besso’s facultative and wholesale plays – especially without the organisational restraints faced by rival firms
Could the trickle of D&F (re)insurance risks flowing from Canada develop into a flood? Sean Farrell investigates
Event-driven D&O claims are contributing to a more febrile market environment, finds Helen Yates, as pricing the risk becomes more problematic
Axa XL’s insurance segment has promoted energy underwriter Peter O’Neill to UK head of downstream and power, effective immediately.