Inside FAC November 2019

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 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”.

Allianz Global Corporate & Specialty (AGCS) CEO Chris Fischer Hirs is to leave the firm, Allianz has confirmed.

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 has made Andrzej Danyluk head of international property for the London market.

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.

Tokio Marine Kiln (TMK) has appointed Matthew Shaw as CUO.

Argo CEO Mark Watson III has stepped down from his post with immediate effect, following a turbulent year for the carrier.

The insurance industry could be facing a $100bn-$200bn reserving deficiency in casualty lines, Convex CEO Stephen Catlin has warned.

Blenheim Syndicate 5886 has recruited Simon Anthony to write direct and facultative (D&F) property business.

Hannover Re’s P&C reinsurance segment took a significant hit to third-quarter operating profits, as catastrophe losses took their toll.

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.

Renaissance Re president and CEO Kevin O’Donnell said claims from Typhoon Hagibis are likely to cost carriers around $15bn.

Swiss Re has revealed it is likely to pay $100mn in claims relating to the collapse and liquidation of tour operator Thomas Cook.

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.

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 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’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).

Vibe Syndicate Management has announced that Syndicate 5678 will be placed into run-off at year end.

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

With pricing and capacity issues affecting specialty placements, Gallagher’s John Thompson says the differentiator for brokers is proving you are ‘a true specialist’

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

Technical pricing is back after a long run of underwriting losses for ports & terminals carriers, writes Helen Yates

Neil Mayes, managing director of Guy Carpenter’s facultative reinsurance operation GC Fac, has resigned to join McGill & Partners.

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.