Inside FAC May 2019
Guy Carpenter has announced a series of new appointments in its global leadership team as it continues to assimilate JLT Re, following Marsh & McLennan Companies’ (MMC’s) acquisition of JLT Group.
Maxar Technologies, the parent company of satellite operator DigitalGlobe, confirmed in its first-quarter 2019 earnings release that its insurers have accepted its $183mn claim for the loss of the WorldView-4 satellite in January, and have already paid out $154mn.
Vanessa Macdonald-Smith, CEO of JLT Fac, resigned late last month in the first high-profile departure from the broker’s facultative team, but not the last from JLT, following Marsh & McLennan Companies’ (MMC’s) acquisition of the business last year.
Samsung Fire & Marine Insurance (SFMI), South Korea’s largest insurance carrier, has agreed to acquire a stake of more than 10 percent in Canopius and has entered into a strategic partnership with the Lloyd’s (re)insurer.
Steve McGill’s (re)insurance start-up, formerly code-named “Project Thunderbolt”, went live on 2 May with the name McGill & Partners.
Hannover Re’s property and casualty (P&C) reinsurance operating profit for the first quarter of 2019 was relatively unchanged at EUR334.4mn, compared to EUR338.9mn in the prior-year period.
The global reinsurer took EUR267mn of Jebi losses in Q1.
Stephen Catlin and Paul Brand’s international specialty (re)insurance start-up Convex Group has lured more senior executives away from Axa XL since its launch at the end of last month.
Swiss Re’s P&C reinsurance business suffered a significant reverse in the first quarter of 2019, as major losses from natural catastrophes and the (re)insurer’s aviation book took their toll.
The terrorist bombing on Easter Sunday of three churches across Sri Lanka and three hotels in the country’s capital Colombo will lead to claims in the political violence (re)insurance markets.
The total loss of the Intelsat-29e communications satellite, which was announced by the company last week (18 April), will not have an impact on the space (re)insurance market, Inside FAC understands.
Axis Capital increased its industry insured loss estimate for Typhoon Jebi by 56.6 percent to a range of $12bn to $13bn in a first-quarter results call with analysts, up from its $8bn estimate at the end of last year.
Lloyd’s unveiled the detail of its “bold new strategy” for the market in May, as it followed up on the teaser documents released last month.
Axa XL, the property and casualty (P&C) (re)insurance subsidiary of Axa, reported overall revenue growth of 6 percent in the first quarter of 2019, to EUR6.1bn, driven largely by an increase in P&C insurance business.
Gen Re is to consolidate its international P&C operations under Andrew D’Arcy, who will relinquish his current role as CEO of Lloyd’s operation Faraday.
With the UK construction industry experiencing mixed fortunes, appetite for underwriting trade credit risks is on the rise, but do market conditions match carriers’ expectations?
Present market conditions mean fac brokers need to be more than just ‘postboxes’ and work harder to understand clients’ risks, says Capsicum Re’s Malcolm Payton
Central and Eastern Europe offers some tempting opportunities for the facultative market, if only it can stay in front of the treaty express, writes David Benyon
There has been a shake-up within the Lloyd’s bloodstock market following Neon’s exit and a spate of losses but how long will the correction last, wonders Helen Yates
THB Group has recruited Steve Ford as strategic binding authority director. He was previously global managing director of Pen Underwriting. Mark Cody, CEO of THB Worldwide Specialty said: “We are delighted to welcome Steve to THB. He has a proven track record and a huge depth of knowledge in the binding authority space.”
No, we’re not talking about the slightly dubious advertising jingle for eighties juice drink Um Bongo, but the growing thirst for a taste of the Democratic Republic of Congo’s (DRC’s) recently liberalised insurance sector.