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Energy

Marsh-JLT: downstream energy rates increasing by at least 25 percent

The continuing twin pressures of significantly reduced capacity and severe losses mean that programmes currently being marketed in the downstream energy market are anticipating rate increases of at least 25 percent, with higher increases achievable dependent on sector, profile and geographical region, according to Marsh JLT Specialty.

Fri 3 Jan 2020

News

Aviation

BGCI takes MMC’s Radley for aviation unit

Expansive start-up broker BGCI has hired Marsh’s John Radley as it continues to build out its aviation business, The Insurer can reveal.

Fri 3 Jan 2020

IAG ups 2020 reinsurance programme by A$1bn as bushfires exhaust loss budget

News

Renewals

IAG ups 2020 reinsurance programme by A$1bn as bushfires exhaust loss budget

Australian carrier IAG has finalised its catastrophe reinsurance program for 2020, scaling up its gross reinsurance protection to A$10bn ($7bn), an increase of A$1bn on last years’ programme as recent bushfires push the carrier’s loss bill into the red.

Fri 3 Jan 2020

News

Castel sells Newbridge Risk Partners to Optio Group

Castel Underwriting Agencies, the MGA platform which is now part of Arch Capital Group, has sold Newbridge Risk Partners to Optio Group for an undisclosed sum.

Fri 3 Jan 2020

2019 US class action litigation rate hits all-time high

News

D&O

2019 US class action litigation rate hits all-time high

The number of US federal securities class action lawsuits topped 400 for the third time in a row in 2019 while the chance of a listed company being sued hit a record high, according to RT ProExec’s Kevin LaCroix.

Thu 2 Jan 2020

Cost of $1.33bn traditional NFIP reinsurance climbs 10%

News

Flood

Cost of $1.33bn traditional NFIP reinsurance climbs 10%

The Federal Emergency Management Agency (Fema) paid just over 10 percent more for the traditional reinsurance placement bought on behalf of the National Flood Insurance Program (NFIP) at 1.1 despite securing less limit on the lower layer of the cover.

Thu 2 Jan 2020

Liberty Mutual picks up Uber business dropped by James River

News

Commercial auto

Liberty Mutual picks up Uber business dropped by James River

Liberty Mutual is the latest addition to Uber’s panel of insurers with the Boston-based carrier entering some of the states vacated by James River Group Holdings after it ended its relationship with the ride sharing company at the close of 2019 owing to heavy losses.

Thu 2 Jan 2020

Comment

1.1 renewals: A tale of many markets

Over the next few days, a plethora of reports and commentaries on the 1.1 reinsurance renewals will be published. Earlier today, brokers Willis Re, Hyperion and Guy Carpenter were all out of the traps with their analysis.

Thu 2 Jan 2020

Global cat ROL index up 5% in asymmetrical reinsurance market: Guy Carpenter

News

Casualty Reinsurance

Global cat ROL index up 5% in asymmetrical reinsurance market: Guy Carpenter

Guy Carpenter’s headline global property cat rate-on-line (ROL) index was up around 5 percent at 1.1 but there was a wide range of outcomes for buyers across property, casualty and retro at the renewal that was indicative of an “asymmetrical” reinsurance market.

Thu 2 Jan 2020

Former Paragon wine program exec Locher joins Allied Public Risk

News

People Moves

Former Paragon wine program exec Locher joins Allied Public Risk

Gregory Locher, whose resignation from Paragon sparked a legal dispute between the MGA and Allied World, has resurfaced at managing general underwriter Allied Public Risk.

Thu 2 Jan 2020

Tysers completes £100mn acquisition of London rival RFIB

News

M&A

Tysers completes £100mn acquisition of London rival RFIB

Ahead of its two-hundred year anniversary, venerable London market broker Tysers has completed its acquisition of rival RFIB to create a large independent wholesaler with revenues in the region of £200mn ($260mn) and close to £2bn GWP of business placed with insurers, principally in London.

Thu 2 Jan 2020

Loss free cat-exposed retro up as much as 25% at 1.1: Willis Re

News

Losses

Loss free cat-exposed retro up as much as 25% at 1.1: Willis Re

Loss free catastrophe retrocession programmes saw price rises of as much as 25 percent at the 1 January renewal as investors cut back insurance linked securities (ILS) capacity and some buyers switched from aggregate to excess of loss structures, according to Willis Re.

Thu 2 Jan 2020

News

Casualty Reinsurance

1.1 casualty reinsurance rates up 3%; property cat up 0.8%: Hyperion X

There was relative price stability in property cat reinsurance, “significant volatility” in US-exposed retro with rates up by an average of 20 percent, and mounting inflationary pressure in casualty reinsurance at the key 1 January renewal, according to analysis from Hyperion X.

Thu 2 Jan 2020

Argo and Voce agree truce after board concessions

News

People Moves

Argo and Voce agree truce after board concessions

The public battle between Argo and Voce Capital Management is coming to an end after the two parties entered into a cooperation agreement allowing for the addition of the activist investor’s nominees to the Bermudian carrier’s board.

Thu 2 Jan 2020

News

Cyber

IUA makes cyber warfare and climate change 2020 business plan priorities

The International Underwriting Association (IUA) has made cyber warfare and climate change risks key areas of focus of its 2020 business plan, establishing a new market group to tackle the insurance implications of the latter.

Thu 2 Jan 2020

Allianz confirms leadership changes as £1.08bn LV= GI acquisition completes

News

M&A

Allianz confirms leadership changes as £1.08bn LV= GI acquisition completes

Allianz has appointed LV General Insurance (GI) senior leadership to its international and UK boards now its takeover of the remaining 51 percent of to LV’s GI business has closed for a total consideration of £1.08bn ($1.4bn).

Thu 2 Jan 2020