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Australian bushfire losses reach A$297mn: ICA

News

Wildfires

Australian bushfire losses reach A$297mn: ICA

Insured losses from damage caused by bushfires ravaging Australia have reached A$297mn ($208mn), with insurers logging 4299 claims since the events were declared a catastrophe on 8 November.

Thu 2 Jan 2020

UPDATE: US cat bond yields climb to seven year high

News

Renewals

UPDATE: US cat bond yields climb to seven year high

The risk premium on US wind-exposed cat bonds is the highest on record since Q1 2013 after climbing sharply throughout 2019.

Thu 2 Jan 2020

Aerospace loss payback in mixed specialty reinsurance renewal: Willis Re

News

Aviation

Aerospace loss payback in mixed specialty reinsurance renewal: Willis Re

The specialty market was a mixed bag for reinsurers at the 1 January renewal, with underwriters securing major improvements in the aerospace sector as changes in other segments like cyber and political risk were more moderate, according to Willis Re.

Thu 2 Jan 2020

Liability pressure mounts in late and at times difficult reinsurance renewal: Willis Re

News

Renewals

Liability pressure mounts in late and at times difficult reinsurance renewal: Willis Re

Liability accounts saw the most pricing pressure at 1.1, with “sharp pricing increases” on several excess-of-loss placements in a reinsurance renewal that left property underwriters disappointed, according to Willis Re.

Thu 2 Jan 2020

Edison requests 21.9% hike in Florida homeowners rates as water claims surge

News

Homeowners insurance

Edison requests 21.9% hike in Florida homeowners rates as water claims surge

Edison Insurance Company is awaiting a ruling on its request to increase homeowners rates in Florida by 21.9 percent – below the 34.7 percent its actuaries said was needed – as lawsuits continue to drive up the cost of water damage claims in the state despite recent regulatory reforms.

Tue 31 Dec 2019

News

Lloyd’s and CII enter training partnership with DIFC

Lloyd’s of London and the UK’s Chartered Insurance Institute have each signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFC) to create the first suite of certified training courses offered by the DIFC Academy.

Tue 31 Dec 2019

Allianz closes $1.08bn LV= GI acquisition

News

Commercial insurance

Allianz closes $1.08bn LV= GI acquisition

Allianz has completed its acquisition of the remaining 51 percent stake in the general insurance business of UK insurer LV= for £1.08bn ($1.43bn), almost double the £578mn ($729mn) valuation when the deal was first announced in May 2019.

Tue 31 Dec 2019

News

M&A

Anbang tables $2.4bn Chengdu bank sale

China’s Anbang Insurance Group has launched a fresh campaign to sell off its majority 35 percent holding in Chengdu Rural Commercial Bank, pricing the stake at 16.5bn yuan ($2.37bn).

Tue 31 Dec 2019

Analysis

Brexit

The Insurer’s Year in Review: Part Two

A comparatively quiet year for natural catastrophes after the record losses of 2017 and 2018, 2019 brought its fair share of manmade headline-grabbing events – from industry newcomers, the Argo vs Voce saga, battling brokers and the rise of the insurtech ‘unicorn’ to political agendas playing out on both sides of the Atlantic…

Tue 31 Dec 2019

Reinsurers likely to escape significant Australian bushfire losses

News

Wildfires

Reinsurers likely to escape significant Australian bushfire losses

Despite being described as some of the worst series of bushfires ever seen in the country, reinsurers are unlikely to face significant losses as a result of the spate of wildfires ripping across wide areas of Australia.

Tue 31 Dec 2019

Analysis

Aviation

The Insurer’s Year in Review: Part One

After years of underwriters trying to talk up pricing, but enjoying little or no success, 2019 finally saw rates start to tick up across the commercial insurance market. What began as a few pockets of price correction in late 2018 and early 2019 had by the end of the year spread to almost all business lines.

Tue 31 Dec 2019

Tysers-RFIB deal continues trend - but can UK broker valuations hold up in 2020?

Comment

M&A

Tysers-RFIB deal continues trend - but can UK broker valuations hold up in 2020?

For UK insurance brokers, 2019 will be remembered as a vintage year. Whereas carriers in the UK market such as Barbican were able to achieve only modest price to book multiples, the valuations realised by intermediaries have been truly impressive.

Tue 31 Dec 2019

Palomar adds $145mn of reinsurance limit at 1/1 renewal

News

Earthquake

Palomar adds $145mn of reinsurance limit at 1/1 renewal

Palomar is targeting further growth in 2020 after the expansive specialist quake insurer added $145mn of limit to the part of its reinsurance programme that incepts at 1 January.

Mon 30 Dec 2019

News

Cyber

Bermuda sees cyber claims double

Bermudian commercial insurers have seen insurance cyber claims effectively double from year to year, according to the Bermuda Monetary Authority (BMA).

Mon 30 Dec 2019

News

Aviation

Aviation reinsurance rates soar as primary market feels squeeze

Aviation reinsurers are requesting premium increases of as much as 20 percent on loss free accounts, placing pressure on the primary market, The Insurer understands.

Mon 30 Dec 2019

R&Q takes over Barbados-based Distinguished Re

News

Legacy

R&Q takes over Barbados-based Distinguished Re

Legacy specialist R&Q has completed the acquisition of Barbados-based insurer Distinguished Re, formerly known as the Saranac Insurance Company, with the run-off firm paying a cash consideration of $1 for the carrier.

Mon 30 Dec 2019