After causing a stir last week as a possible $20bn+ loss, Hurricane Matthew's impact looks unlikely to extend beyond a quarter's worth of earnings damage or have any meaningful impact on reinsurance rates.
Novae has pulled out of international liability, The Insurance Insider has learned.
Detailed analysis of the market shares of catastrophe-exposed lines in the states of Florida, Georgia and North and South Carolina by Macquarie (USA) has found that major national insurance groups led by State Farm head the list of exposed carriers by a large margin
With its sale to Sompo, John Charman's Endurance has secured itself the privileged role of becoming the global specialty (re)insurance arm of a vast insurer with an unshakeable cornerstone domestic market position, a long-term perspective and a commitment to fund international growth.
Endurance chairman and CEO John Charman will receive gross proceeds of $325mn as a result of the sale of his company to Sompo, with an estimated net gain of $213.6mn.
Sompo Holdings' $6.3bn takeover of Bermudian carrier Endurance will create a Japanese player that generates more than 30 percent of group income from its international operations.
The acquisition of John Charman and his management team was the most important factor in the decision to pay $6.3bn for Endurance, Sompo Holdings CEO Kengo Sakurada has said.
Endurance will be fully integrated into the Sompo group alongside the Japanese firm's other international subsidiaries following its acquisition.
Sompo will be back. Without a shadow of a doubt. As deftly as group CEO Kengo Sakurada evaded questions about future M&A, steering attention instead towards the acquisition of Endurance, it was clear that this is the beginning rather than the end.
In just three short years Endurance chairman and CEO John Charman has implemented a schedule of change that has encompassed three rounds of M&A discussions and a near trebling of the Bermudian's group income.
Asian reinsurers look set to endure another challenging renewal at 1 January, but other markets' resistance to further swingeing rate cuts looks to be growing.
Reinsurers are likely to pick up losses via Bahamian carriers following the devastation caused in the region by Hurricane Matthew.
The cat bond market experienced its largest one-week drop since Superstorm Sandy, sister publication Trading Risk reported, with some of the insurance-linked securities transactions that benefit Florida takeout insurers among those written down.
Sompo's acquisition of Endurance will give it a bigger foothold in the insurance-linked securities (ILS) management business, according to half-year 2016 records from sister publication Trading Risk
"Livecat" trading of industry loss warranties (ILWs) ahead of Hurricane Matthew could have topped $100mn of volume, sources told sister title Trading Risk, making it the most active "livecat" market since Superstorm Sandy.
Sirius loses senior Lloyd's execs; Haugh to leave Aspen Insurance; Heritage Matthew loss below $100mn; ArgoGlobal enters livestock; Catalina completes AGF buy…
A formidable pipeline of Chinese reinsurance start-ups is being held in check by the lengthy approval process imposed by the China Insurance Regulatory Commission (CIRC).
The London market should reciprocate the support given to it by UK regulators, according to Nicolas Aubert, chairman of the London Market Group (LMG).
With few large losses (re)insurers could beat results expectations in the third quarter, although the market will be viewing the below-budget losses in the context of a Matthew-impacted fourth quarter, according to equities analysts.
Endurance stole the headlines last week after announcing that it had agreed a $6.3bn deal to be acquired by Sompo Holdings.
Share price data on The Insurance Insider's universe of P&C (re)insurers
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