Casualty/GL
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Reinsurers will likely push for double-digit US premium rate increases.
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A roundup of the breaking news, C-suite interviews and exclusive insights.
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The company is currently “underweight” in that line of business, he added.
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CEO Thierry Léger claims the “insurability” of global risk is becoming “challenged”.
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The reinsurer constructed a “social inflation index” for a new study.
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Scor is also limiting its exposure in political risk and cyber.
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The transaction complements its previous acquisition of RMS in 2021.
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The property market remains “one of the most favourable... I've seen in my career", he said.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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Fears around social inflation have maintained upwards pressure on US liability reinsurance pricing.
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The broker noted a shift towards alternative risk solutions in the MENA region.
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Recent contingency losses reflect a willingness of the market to go looking for premiums.
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Jessica Cullen is relocating to London from New York to take up the new role.
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The Lloyd’s chief of markets said he was generally comfortable with market fundamentals.
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Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.
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Joy had previously set up the casualty practice at Global Indemnity.
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Based in New York, the executive will report to global head of casualty Josh Everdell.
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A minority view gaining currency is that 2016-19 will not be the only problem.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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As risks continue to become more interconnected, (re)insurers face increased pressure to manage aggregation.
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Social inflation continues to prove challenging in the casualty space and is rebounding post-Covid.
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With US third-quarter reporting season being well underway, the results so far highlight further runway for the hard property E&S market.
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Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
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With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.
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AI development is creating new risks for insurers to assess as multiple key trends suggest it will evolve into a standalone insurance product like cyber-risk.
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He joins from Hoerbiger Holding, where he was head of corporate risk and insurance management.
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The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.
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The French reinsurer said continued price increases, particularly on cat and US casualty, remain necessary.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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Dave Cahill and Adam Power have resigned, as Miller managed to shore up remaining members of its casualty team.
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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors.
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If you only read a handful of articles this week, make it the selection below.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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The underwriter has worked at various Axa entities for 13 years, holding a string of increasingly senior positions.
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While panelists agreed that tort reform is needed, they also noted that it couldn’t be achieved by force from the insurance industry alone.
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DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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The MGA writes management liability, professional indemnity, crime and cyber risk.
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The new lead underwriter has almost 30 years’ experience including stints at Chubb, Faraday and Howden.
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The reinsurer added $280mn in casualty pro rata premium in Q4, a 60% jump, while growing casualty XoL writings by 37%, or about $84mn in new premium.
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The carrier continues to write the class from other global hubs.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.
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The SPA was launched in 2019 and generated a combined ratio of 88.8% last year.
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Ress will lead Axa XL’s underwriting strategy for general liability, motor and environmental insurance in Europe and the APAC region.
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