Well, blow me guvnor if the winds of change aren't at last sweeping through the parched and dirty badlands of fac at the moment.
Aon Benfield's facultative arm has finalised a restructuring programme under the direction of CEO Paul Summers that is part of a wider strategy to drive growth for the next three to five years, Inside FAC can reveal.
A surprise feature of the fourth quarter results flurry at the start of February was the impressive rating increases for open market and specialist property business, which suggested that Sandy's impact was more pronounced than previously imagined.
Ace Global Markets (AGM), the London market arm of Ace European Group (AEG), is to write a broad energy portfolio through Syndicate 2488 as part of its plans to expand into a number of facultative-friendly lines at Lloyd's this year, as revealed by Inside FAC.
The launch failure of a Zenit-3SL rocket carrying the Intelsat-27 satellite was caused by a faulty component in the thrust system, Inside FAC understands.
The passenger plane crash near the city of Almaty in Kazakhstan on 29 January is likely to be a relatively modest $3mn loss for the Russian aviation hull insurance market, Inside FAC can reveal.
Fine art and specie (re)insurers are thought to be facing a market-wide loss of between $300mn and $500mn as a result of Superstorm Sandy - making it possibly the worst loss in the market's history.
Last year's gas leak at the Elgin North Sea platform continues to cast a shadow over production at the site, although insured loss estimates are unlikely to increase as a consequence, Inside FAC understands.
Cooper Gay has agreed terms to acquire Newman Martin Buchan (NMB) in a deal worth roughly £40mn, although due diligence is still taking place.
Singapore sees casualty sling; The Hanover swings to red; TRIA extension bill enters Congress; Scor upbeat after renewals; TMG targets European property fac; Mapfre 2012 netincome down 31%; Swiss Re forms separate agriculture division; PartnerRe back in profit; Argo reports full-year net profit of $52.3mn; Munich Re makes Q4 profit despite Sandy; AM Best affirms Arch Re; 2012 cats cost $72bn, says Aon Benfield; Aspen signs up to Ryan Specialty E&O agency
Catlin has become the latest quality player to nail its colours to the property direct and facultative mast, as a $47mn increase in international and US property insurance premium in 2012 contributed to a healthy $339mn pre-tax profit for the year.
Resource nationalism and business interruption (BI) as a consequence of strikes were two of the biggest risks to mining companies in 2012 and the trend is set to continue this year, according to a new report by Willis.
Howard Young, Casualty Facultative Manager, Berkley Re Asia Pacific
With the Asia Pacific market continuing to attract underwriting talent from London and Bermuda to set up in Singapore, Inside FAC explores the appeal of ‘the Lion City'
Was Sandy properly modelled? Jeffrey Tennis, manager of catastrophe analytics at Lockton, considers the issues.
The problems currently being experienced by Boeing, Toyota and some food manufacturers in the UK have put product recall into the spotlight as never before. Inside FAC takes a peek at this burgeoning market...