Inside FAC November 2019
Published: 15/11/2019
Industrial carriers eye $74mn Nippon Steel loss
A steelmaking plant at Nippon Steel’s Kimitsu works is expected to be an 8bn yen (around $74mn) property loss to the commercial (re)insurance market after it was damaged in Typhoon Faxai.
Pioneer to wind down Syndicate 1980
Pioneer Underwriters has decided to put its Lloyd’s Syndicate 1980 into run-off after what it called “a wide-ranging exercise to examine optimal strategic and capital options for 2020 and beyond”.
AGCS CEO to depart as firm cuts US marine business
Allianz Global Corporate & Specialty (AGCS) CEO Chris Fischer Hirs is to leave the firm, Allianz has confirmed.
Guy Carpenter makes senior Bermuda hires
Guy Carpenter has hired Robert Johnston and Peter Komposch from Aon Reinsurance Solutions as chairman and head of casualty and specialty, respectively, in the broker’s Bermuda operations.
Willis Towers Watson hires JLT's Danyluk for property role
Willis Towers Watson has made Andrzej Danyluk head of international property for the London market.
Swiss Re CorSo restructure continues with Dubai closure a...
Swiss Re’s Corporate Solutions (CorSo) division is to closing down its Dubai operations as part of a wider restructure to bring the unit back to profitability.
Chubb’s Shaw hired as TMK CUO
Tokio Marine Kiln (TMK) has appointed Matthew Shaw as CUO.
Argo CEO Watson resigns
Argo CEO Mark Watson III has stepped down from his post with immediate effect, following a turbulent year for the carrier.
Catlin warns of $100bn-$200bn casualty reserving hole
The insurance industry could be facing a $100bn-$200bn reserving deficiency in casualty lines, Convex CEO Stephen Catlin has warned.
Blenheim hires Anthony for property D&F role
Blenheim Syndicate 5886 has recruited Simon Anthony to write direct and facultative (D&F) property business.
Hannover Re P&C Q3 profit hit by cat losses
Hannover Re’s P&C reinsurance segment took a significant hit to third-quarter operating profits, as catastrophe losses took their toll.
Axa XL expects $466mn H2 cat claims
Axa XL has said that its second-half catastrophe loss bill is likely to be around EUR420mn ($466mn), taking into account a loss estimate for Typhoon Hagibis.
RenRe CEO pegs Hagibis loss at $15bn
Renaissance Re president and CEO Kevin O’Donnell said claims from Typhoon Hagibis are likely to cost carriers around $15bn.
Swiss Re takes $100mn Thomas Cook hit
Swiss Re has revealed it is likely to pay $100mn in claims relating to the collapse and liquidation of tour operator Thomas Cook.
Adnoc refinery loss creeps up to $2.45bn
The Abu Dhabi National Oil Company has told its insurers that the physical damage claim from a 2017 fire at its Ruwais refinery is likely to be nearly $2bn.
Texas hailstorm threatens $80mn solar loss
The renewable energy insurance market is facing a possible $70mn to $80mn loss after hail damaged a solar farm in west Texas in May.
Munich Re P&C result triples year on year
Munich Re has reported a consolidated result in its P&C reinsurance operations of EUR464mn for the third quarter of 2019, compared with EUR151mn in the prior-year period.
Hannover Re reports P&C growth from rate rises
Hannover Re’s P&C reinsurance segment reported top-line growth of 19.3 percent year on year for the third quarter of 2019, at EUR3.81bn in gross written premium (GWP).
News digest
Vibe Syndicate Management has announced that Syndicate 5678 will be placed into run-off at year end.
ANALYSIS: Wildfire
With wildfire loss exposures exacerbated by urban development in vulnerable regions, the (re)insurance industry has a challenging task ahead to get a grip on the peril
INSIDE FAC PROFILE: John Thompson
With pricing and capacity issues affecting specialty placements, Gallagher’s John Thompson says the differentiator for brokers is proving you are ‘a true specialist’
MARKET PROFILE: Malaysia
Malaysia is a tough market to crack, which has led some underwriters to retreat from the capital Kuala Lumpur and offshore hub Labuan to neighbouring Singapore. David Benyon reports
SECTOR PROFILE: Ports & terminals
Technical pricing is back after a long run of underwriting losses for ports & terminals carriers, writes Helen Yates
Market moves
Neil Mayes, managing director of Guy Carpenter’s facultative reinsurance operation GC Fac, has resigned to join McGill & Partners.
Market murmurs
Rumours are circulating once more about Aon eyeing up Willis Towers Watson, with various suitors mooted for the segments that are likely to be carved out from the latter should a takeover go ahead.