Inside FAC December 2019

This year may mark the point when two markets that were virtual basket cases in terms of sustainable rates – downstream energy and space – feature on the Christmas lists of prospective underwriters...

Losses from the explosion at TPC Group’s Port Neches refinery in Texas last month are expected to exceed initial estimates of $500mn for property damage (PD), sources have told Inside FAC.

Willis Towers Watson has hired Leigh White from Aon Reinsurance Solutions to head up its African facultative operation in Johannesburg, Inside FAC has learned.

Barbican’s international casualty treaty head Clive Archer, Syndicate 1955 active underwriter Andy Caldwell and head of financial lines Gavin Stanley are set to leave the carrier

Asia Capital Reinsurance Group (ACR) has voluntarily withdrawn from all rating services of AM Best and Standard & Poor’s

BMS Group has promoted Pete Chandler to the role of BMS Re US CEO, as it makes a series of management changes to its US reinsurance operation.

Lloyd’s has launched a space insurance policy with underwriting support from a consortium led by Brit and Hiscox MGA.

The People’s Insurance Company of China (PICC) has put capacity behind a Latin America-focused start-up founded by a former Brit underwriter.

The fine art and specie market appears to have dodged a bullet on two high-profile thefts in recent weeks, but may face an unspecified loss for missing artworks that came to light in November.

Rates for space risks have increased significantly, following several years of decreases, as recent losses and capacity withdrawals finally triggered a hardening market in the sector.

Chilean supermarket chain Cencosud is likely to claim upwards of $76mn on its property policy following the civil unrest which has wracked the country over the last two months.

Berkshire Hathaway Specialty Insurance (BHSI) is the lead carrier for the builder’s risk insurance policy that is set to pay out following the collapse of the Hard Rock Hotel in New Orleans.

The Insurance Council of Australia (ICA) reported A$110mn ($75mn) of claims as of 18 November from bushfires earlier in the month.

Axis is anticipating losses of around $90mn to $110mn from Typhoon Hagibis.

Aon Client Treaty (ACT) has retained leaders QBE and Axa XL for 2020, according to sister publication The Insurance Insider.

Planned premium growth for 2020 in the Lloyd’s market will be a few points higher than the market average risk-adjusted rate increase of 5 percent, it is understood.

CV Starr has appointed Carsten Nawrath to lead the development of an aviation insurance operation in Munich.

Smaller, more numerous satellites, in-orbit servicing and the continuing appeal of space tourism are set to transform the space launch and in-orbit markets

With cedants taking a more strategic approach to buying reinsurance, fac reinsurance will play a more significant role in getting deals over the line, says Beatrix Hartinger

Sub-Saharan Africa represents a vast but mixed opportunity for reinsurers, requiring a combination of regulatory pragmatism and economic control to drive growth, says Sean Farrell

Power and energy rates are beginning to rise as weather-related losses start to sting, finds Helen Yates

Former Vibe specialty class underwriter Henry Glasse has joined StarStone as a specialty underwriter, to write a similar account to his previous role

While facultative reinsurance facilities appear to have regained popularity, the story for brokers’ follow-form insurance facilities appears to be going the other way.