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News

Palmer-Brown heads new MGA BPB Underwriting Management

London market veteran Jonathan Palmer-Brown is spearheading BPB Underwriting Management (BPBUM), the managing agency which launched this month with a new equine venture backed by MS Amlin.

Wed 15 Jan 2020

Climate change underpins long-term risks says WEF

News

Property catastrophe

Climate change underpins long-term risks says WEF

Severe threats to the climate account for all of the top long-term risks facing the market, according to a new report released by the World Economic Forum.

Wed 15 Jan 2020

R&Q co-CEO Sellek steps down following Spiegel move

News

People Moves

R&Q co-CEO Sellek steps down following Spiegel move

London-listed legacy and program specialist R&Q’s joint chief executive officer and executive director Roger Sellek has resigned from his role.

Wed 15 Jan 2020

News

Losses

Q4 cat losses help sustain 2020 pricing momentum: KBW

Higher than expected Q4 cat losses and crop combined ratios revealed by Chubb last night imply “notable” losses for internationally exposed carriers, including Bermudians, AIG and WR Berkley, according to KBW analyst Meyer Shields.

Wed 15 Jan 2020

Quote of the day

“Typhoon Jebi losses likely done creeping and could now be overstated… these potentially excess reserves could be used by some to fill holes elsewhere (US casualty)”

Matt Carletti, JMP Securities - Further good news from Japan. Not only do the Q4 high-end loss estimates for Typhoon Hagibis now appear too pessimistic ($10-12bn range rather than $15bn?), yesterday JMP Securities analyst Matt Carletti returned from a recent London trip to conclude that Jebi may also be over-reserved after 18 months of enervating creep…

Wed 15 Jan 2020

Comment

A hard act to follow

Lloyd’s has had three underwriting tsars since it created the Franchise structure in response to the heavy market losses of 1998-2001.

Tue 14 Jan 2020

News

APCIA

Bad faith reform is APCIA’s top Florida legislative priority for 2020

The American Property Casualty Insurance Association (APCIA) has revealed that its primary focus for Florida this year is on the state’s bad faith laws, workers compensation system and the assignment of benefits (AOB) in auto glass repairs.

Tue 14 Jan 2020

Lloyd’s to expand PMD role for Hancock successor

News

People Moves

Lloyd’s to expand PMD role for Hancock successor

The next performance management director (PMD) of Lloyd’s will have a broader range of responsibilities than the role Jon Hancock signed up to when he took the position in late 2016.

Tue 14 Jan 2020

AIG and Tokio attempt to steer clear of $23mn Hertz payout

News

D&O

AIG and Tokio attempt to steer clear of $23mn Hertz payout

Hertz’s D&O insurers have asked a New York court to rule that the car rental company is not entitled to an insurance payout related to a settlement with the US Securities and Exchange Commission.

Tue 14 Jan 2020

News

Losses

Chubb facing $430mn Q4 pre-tax cat hit

Chubb’s fourth quarter 2019 results will include an estimated $430mn of pre-tax catastrophe losses after the carrier took a heavy hit from various weather events around the world including the Californian wildfires and Typhoon Hagibis in Japan.

Tue 14 Jan 2020

Florida insurer Weston to buy Anchor Specialty

News

Homeowners insurance

Florida insurer Weston to buy Anchor Specialty

Florida insurer Weston Insurance has agreed a deal to buy Texas carrier Anchor Specialty Insurance and its associated MGA, The Insurer can reveal.

Tue 14 Jan 2020

Commercial lines continue upwards pricing move in December: IVANS

Analysis

Rates

Commercial lines continue upwards pricing move in December: IVANS

US commercial lines pricing remains on an upwards drive with commercial auto and general liability rates rising in December at a faster pace than during any other month in 2019, according to the IVANS Index.

Tue 14 Jan 2020

S&P warns of US P&C reserving complacency

Analysis

Casualty

S&P warns of US P&C reserving complacency

S&P Global Ratings has maintained a stable outlook on the US property casualty sector but raised concerns about “worrisome” reserve increases and social inflation highlighting pricing complacency.

Tue 14 Jan 2020

News

People Moves

Hancock to step down as Lloyd’s PMD

Lloyd’s performance management director Jon Hancock is to step down from the position this year and leave the Corporation.

Tue 14 Jan 2020

News

Cyber

Cyber displaces BI as top peril in Allianz Risk Barometer

Cyber incidents rank as the most important business risk globally in the Allianz Risk Barometer 2020, with business interruption (BI) falling to second place and climate change rising to its highest-ever position.

Tue 14 Jan 2020

Tysers takes minority stake in Bermudian MGA Helix

News

M&A

Tysers takes minority stake in Bermudian MGA Helix

Integro-owned broker Tysers has invested in Bermudian MGA start-up Helix Underwriting Partners.

Tue 14 Jan 2020