Inside FAC February 2020
For carriers in the property D&F and specialty worlds, it seems the green shoots of an underwriting spring are already showing.
Underwriters in the London property direct and facultative (D&F) market are reporting a continuing hardening in rates, as accounts renew with price increases of 15-20 percent on average.
Carriers in the specialty insurance market are reporting double-digit rate gains across most classes of business.
Puerto Rico Electric Power Authority (Prepa) is expected to claim at least $100mn on its property insurance policy following a series of earthquakes in early January.
The derailment of a train in Northern Italy earlier this month, which resulted in the deaths of the two drivers, is likely to impact the Generali-led insurance programme for train operator Trenitalia.
Michael Lazarus has joined Miller’s facultative reinsurance team from Aon, having resigned from the rival broker in December last year.
Willis Towers Watson’s corporate risk and broking segment, which includes its facultative reinsurance operations, reported 9 percent organic revenue growth year on year in Q4 2019, to $877mn.
Besso Insurance Group has appointed David Merry as head of its reinsurance operations, with a focus on facultative business.
Scor’s Global P&C business has experienced an average rate increase of around 15 percent for specialty insurance business in 2019.
Chile’s largest supermarket chain, SMU Rendic, has bought $100mn of standalone strike, riot and civil commotion cover in the London political violence market.
Dominic Christian, global chairman of Aon Reinsurance Solutions, has taken over the role of deputy chairman on the Lloyd’s Council from former MS Amlin CEO Simon Beale.
Boeing’s directors’ and officers’ (D&O) insurance programme is expected to take a hit of at least $100mn from a series of management liability claims.
AIG is the lead insurer on the aviation insurance policy which is set to pay out after the crash on 26 January of a helicopter carrying champion NBA basketball player Kobe Bryant.
Rains in central and northern Israel, which caused widespread flooding in early January, are expected to deliver insured losses in excess of 1.5bn shekels ($434mn) according to a recent Aon report.
Insured losses from natural catastrophes totalled around $53bn in 2019, down 34 percent on the previous year and 18 percent on the annual average since 2011, according to Willis Towers Watson.
The 409 natural catastrophe events recorded in 2019 resulted in economic losses of $232bn, 20 percent lower than the average for the previous decade, according to a recent Aon catastrophe report.
Hannover Re reported today (5 February) that rates for treaty renewals at 1 January increased by 2.3 percent compared with last year.
Beazley recorded a 250 percent uplift in profits before tax, to $267.7mn for the full year 2019 (2018: $76.4mn), driven by investments, while the carrier’s combined ratio deteriorated to 100 percent.
Jonathan Turner has been named as the new CEO of Gallagher’s UK-based specialty business, replacing John Thompson, who is taking up a new role as head of business development for the division.
Space rates have rocketed in recent quarters, but does the growth in satellite constellations offer greater or less opportunity for (re)insurers?
As head of a wide-ranging emerging markets business at Willis Towers Watson, Dubai-based Julian Samengo-Turner has a brief that covers “wherever Emirates flies”…
As some Lloyd’s carriers shut up shop in Miami, other capacity providers are waiting to back a new generation of property fac MGAs in this ever-evolving market, finds Helen Yates
With aviation war rates up 20 percent in 2019, further increases of up to 50 percent are expected this year. David Benyon reports
Axa XL has appointed Elizabeth (Libby) W Benet to the newly created role of global CUO for cyber, reporting to Nancy Bewlay, CUO of long-tail risk.