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Podcast

Dan Glaser Part II: Capital and capacity adequacy levels ahead of the hurricane season

In the second episode of our special three-part interview, MMC’s Dan Glaser explains what he expects the impact of industry underwriting loss to be on capacity, appetite and pricing.

Tue 2 Jun 2020

FedNat reveals reinsurers restricted terms at 1 June

News

Property reinsurance

FedNat reveals reinsurers restricted terms at 1 June

FedNat Holding Company has completed a reinsurance programme providing $1.3bn of single event coverage and $1.9bn of aggregate coverage, with the carrier revealing some reinsurers insisted on more restrictive terms at 1 June.

Tue 2 Jun 2020

Liberty Mutual’s GRS hires Hartford’s Deane as NA chief claims officer

News

People Moves

Liberty Mutual’s GRS hires Hartford’s Deane as NA chief claims officer

Liberty Mutual Insurance has appointed former The Hartford executive Steve Deane as North America chief claims Officer for Global Risk Solutions (GRS).

Tue 2 Jun 2020

TWIA completes $1.1bn traditional placement and upsized $400mn cat bond

News

Property catastrophe

TWIA completes $1.1bn traditional placement and upsized $400mn cat bond

The Texas Windstorm Insurance Association (TWIA) has finalized its $2.1bn 2020 reinsurance programme with the placement of $1.1bn of traditional cover, an upsized $400mn issue of its Alamo Re cat bond series and $600mn of rollover cat bond limit.

Tue 2 Jun 2020

UPC buys increased $3.26bn cascading cat cover at 1 June

News

Property reinsurance

UPC buys increased $3.26bn cascading cat cover at 1 June

United Insurance Holdings (UPC) has increased its core multi-event cascading catastrophe reinsurance limit 3.2 percent to $3.26bn at 1 June, and said that the total cost of its excess of loss reinsurance programmes increased 7.1 percent.

Tue 2 Jun 2020

Insurance sector essential for post-Covid economic recovery: Swiss Re

News

COVID-19

Insurance sector essential for post-Covid economic recovery: Swiss Re

The (re)insurance sector has a critical role to play in strengthening resilience as countries recover from the “car-crash” global recession caused by the Covid-19 pandemic, Swiss Re has said.

Tue 2 Jun 2020

RenRe equity raise shows company on “offense” says KBW

Analysis

Capital raising

RenRe equity raise shows company on “offense” says KBW

RenaissanceRe shares were trading up 4.4 percent as investors reacted to plans for a circa $900mn equity raise that shows the reinsurer is on the “offense”, according to analysts from Keefe, Bruyette & Woods (KBW).

Tue 2 Jun 2020

News

COVID-19

Marsh issues rallying call for pandemic risk solution to accelerate Covid-19 recovery

Marsh has made the case for a public-private pandemic risk solution in a new report, with the broker’s CEO John Doyle arguing that action is needed on the issue now.

Tue 2 Jun 2020

RiverStone shows hunger for Lloyd’s run-off with Skuld deal

News

M&A

RiverStone shows hunger for Lloyd’s run-off with Skuld deal

After years of sitting on the sidelines, Fairfax Financial’s legacy carrier RiverStone has again demonstrated its renewed appetite for Lloyd’s legacy.

Tue 2 Jun 2020

News

RenRe: $900mn equity raise as Covid-19 creating “significant opportunities”

Blue-chip Bermudian carrier RenaissanceRe has cited the “significant opportunities” created by the Covid-19 pandemic as it unveiled its $900mn equity raise today.

Tue 2 Jun 2020

Analysis

COVID-19

Covid-19 to accelerate evolution of $2bn cyber reinsurance market

The inchoate $2bn cyber reinsurance market will mature more quickly as a result of Covid-19 and the impact the pandemic crisis is having on work and e-commerce habits.

Tue 2 Jun 2020

Analysis

1.6 pricing up most since 2002 as expected (re)insurance ROE plunges: Hyperion X

Hyperion X Analytics has estimated that 1 June property cat reinsurance pricing recorded its biggest year on year rise since 2002, with the broker suggesting that an issue for the rest of 2020 will be balancing growth from hardening rates with a “dearth of capital”.

Tue 2 Jun 2020

News

RenaissanceRe to raise circa $900mn as Covid-19 equity raises continue

RenaissanceRe has become the first Bermudian P&C carrier to raise fresh equity since the Covid-19 economic crisis amidst an accelerated hardening of rates and evidence of capacity squeezes in specialty (re)insurance lines.

Tue 2 Jun 2020

Comment

Property reinsurance

Covid-19 highlights Florida peak peril

Anyone looking to prove the theory that the reinsurance industry’s balance sheet is constructed around the peak peril of US Southeast wind need look no further than the capacity constrained Florida renewal.

Tue 2 Jun 2020

Law firm Michelmores mulls BI action with Hiscox, RSA and QBE in its sights

News

Business interruption

Law firm Michelmores mulls BI action with Hiscox, RSA and QBE in its sights

UK law firm Michelmores is the latest to consider launching group actions against insurers on behalf of firms who have had coronavirus-related business interruption claims declined by carriers including Hiscox, RSA and QBE.

Tue 2 Jun 2020

Capsicum Re looks to Liberty for motor head Aldons

News

People Moves

Capsicum Re looks to Liberty for motor head Aldons

Gallagher-owned Capsicum Re has expanded its motor and casualty division with the hire of Shane Aldons.

Tue 2 Jun 2020