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Marine

Lloyd’s needs to share data to improve market efficiency

Senior industry executives gathered at Reinsurance’s ‘The Future of Cargo Insurance and Risk’ roundtable have called on Lloyd’s to do more to improve the distribution of data across the market.

Thu 14 Dec 2017

News

Fierce rate resistance from brokers ahead of 1.1 renewals

The ILS fund manager, Leadenhall Capital Partners, increased its assets under management to a new record size of $4.5bn last week but acknowledged that brokers determination to negotiate hard ahead of the 1.1 renewals prompted the firm to rein in some new capital flows ahead of closing its books.

Mon 11 Dec 2017

News

Results

Southern California fires to take State’s 2017 loss beyond $10bn

As the industry reeled from AIR Worldwide’s initial $85bn high-end loss estimate for Hurricane Maria in late September, few would have conceived that the then sporadic California wildfires that began a few days later might ultimately lead to insured losses that approach or even exceed Maria’s event loss total.

Mon 11 Dec 2017

News

Brit launches $100mn Bermuda collateralised reinsurer Sussex Re

Leading Lloyd’s (re)insurer Brit Insurance is launching a $100mn capacity Bermuda-based collateralised reinsurance vehicle, Sussex Capital, that will write both third-party collateralised reinsurance and provide collateralised capacity to Brit’s Lloyd’s Syndicate 2987.

Mon 11 Dec 2017

News

Fidelis adds surety capacity with MGA Firestone

Fidelis, the Bermudian (re)insurer has taken an equity stake in a new MGA and will be providing underwriting capacity.

Mon 11 Dec 2017

News

Tokio Millennium Re loses UK claims head

Ed Gooda, the head of claims at Tokio Millennium Re’s UK branch office, has resigned from the company, Reinsurance can reveal.

Mon 11 Dec 2017

London brokers lobby FCA to relax &quote;impossible&quote; wholesale review deadline

News

Legal/ Regulatory

London brokers lobby FCA to relax "impossible" wholesale review deadline

The largest London Market wholesale brokers are lobbying the U.K regulator to ease the deadline to respond to a detailed scrutiny of practices relating to market facilities, commission arrangements and relationships with (re)insurers.

Mon 11 Dec 2017

News

Marine

London needs to be more ‘inventive’ to lure business away from local markets

The London insurance market must innovate in order to win marine business over local markets, senior industry executives have said.

Mon 11 Dec 2017

UK reinsurance buyers avoid concentration risk

News

Legal/ Regulatory

UK reinsurance buyers avoid concentration risk

Despite the consolidation that has taken place in the reinsurance industry in the past two years, UK insurers dependency on any one specific carrier has “fallen marginally” since 2015.

Mon 11 Dec 2017

News

Nichols to join Brit's new Bermuda platform

Former Axis Capital and RenaissanceRe executive Jay Nichols has joined the Board of Brit Ltd’s new $100mn collateralised Bermuda reinsurer, Sussex Capital.

Mon 11 Dec 2017

News

Legal/ Regulatory

PRA warns on cat model dependency

The Prudential Regulation Authority (PRA) encouraged UK (re)insurers to be aware of the limitations of vendor cat models and to avoid the risk of “unknowingly betting the insurer on any one peril”.

Mon 11 Dec 2017

AIG picks up $149mn loss for paralysed dancer

News

Losses

AIG picks up $149mn loss for paralysed dancer

AIG is understood to be the lead insurer on a $149mn claim following an incident that left a dancer paralyzed at O’Hare airport, Chicago.

Mon 11 Dec 2017

News

Liberty to redomicile its UK insurance company to Luxembourg

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, intends to redomicile its insurance company from the UK to Luxembourg, while maintaining its substantial London presence.

Fri 8 Dec 2017