Reinsurers look unlikely to achieve a meaningful correction in US property catastrophe reinsurance pricing at 1 January, but will be able to point to a better than expected casualty renewal.
It is a universal rule of cinema that movie sequels are always worse than the original.
Lloyd's has issued a new round of guidelines for syndicates writing accident and health and life insurance for international and/or government organisations after identifying a number of common misconceptions.
The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have offered leeway on the incoming Senior Managers and Certification Regime (SM&CR) with the promise of an implementation period and relief for some companies from certain requirements.
Early momentum for reinsurers in the US property catastrophe treaty renewals is fast evaporating as cedants increasingly exploit excess capital to cap rate rises, The Insurance Insider understands.
The International Group (IG) of protection and indemnity (P&I) clubs has set back hopes of broad-based rate rises in the marine market after achieving a rate reduction of around 1 to 2 percent on renewal of its excess-of-loss (XoL) reinsurance treaty.
Markel Catco has increased its fund loss reserves for its Catco Reinsurance Opportunities Fund by 4.4 percent of net asset value (NAV) in response to October's California wildfires.
Workers' compensation insurers accounted for about a quarter of the 354 US P&C carrier impairments recorded over the past 17 years, according to AM Best data.
In common with their property cat colleagues, US casualty reinsurance underwriters are suffering a late 1 January renewal, with most deals still awaiting firm order terms as of early December.
At least $3.8bn of new capital has been raised in the space following significant losses from hurricanes Harvey, Irma and Maria (HIM), according to Trading Risk data.
Covea Group's first cat bond has settled below the lower end of initial price targets, according to Trading Risk sources.
United Insurance Holdings (UPC Insurance) has raised $150mn through a public debt offering, which the Floridian carrier has said will enable it to participate in future opportunities.
Reading external budget documents is unlikely to be high on the to-do list for reinsurers and brokers entering the frenetic last couple of weeks of a 1.1 renewal season that has run late and proved challenging.
Casualty reinsurers are talking about brokers and clients taking a more "realistic" approach to dynamics in a sector where margins have been squeezed to the point of being unsustainable on many quota share deals.
Florida's state-backed insurer is preparing for a challenging 2018 that will see ongoing profitability pressures from assignment of benefits (AOB)-driven non-weather losses and an increase in reinsurance costs.
The London property binders market is resisting rate decreases on US business at renewal in the wake of losses from the North Atlantic hurricanes.
Ogden rate uncertainty is giving reinsurers ammunition on motor excess of loss (XoL) renewals after intervention from a committee of lawmakers threatened to delay promised reforms.
Electricity supplier Edison's statement last week that it believes its facilities are being investigated as a possible cause of the ongoing Southern California wildfires has raised the possibility of another painful blow for casualty underwriters.
UK insurers looking to establish infrastructure-light entities in the EU because of Brexit while servicing them from Britain could face hefty VAT bills, tax experts have warned.
Reinsurance pricing reflects market fundamentals. And that is the story of this renewal to date.