The excess industry capital that first took its toll on property catastrophe reinsurance has spread to most reinsurance classes and big ticket global insurance business, with rate reductions fast gathering momentum, according to multiple market sources.
The annualised operating return on equity (RoE) for The Insurance Insider's Bermuda peer group fell 80 basis points on average to 11.6 percent during the first quarter of 2014, after margins came under pressure for more than half of our composite.
Looking out into the senior audience to open the last week's fifth InsiderScope New York conference, it was easy to succumb to the temptation to permit ourselves a little showmanship.
Tokio Millennium Re (TMR), the reinsurance subsidiary of Japanese "big three" insurance group Tokio Marine, reported profits of $140mn in 2013, up by 13.3 percent from $123.6mn the previous year.
A quote from a source cited in last week's Marcus Scriven profile of Christine Dandridge wrongly asserted that she had wished to be active underwriter of the combined entity following the merger of its Syndicate 570 into Syndicate 609. Normal 0 <w:Save
ProSight at Lloyd's failed to establish its own managing agency at 1 April despite receiving approval from Lloyd's last year, after pressure from the Prudential Regulatory Authority (PRA) caused it to suspend the project, The Insurance Insider can reveal.
Syndicate Re's renamed Vibe Syndicate Management has received in-principle approval from Lloyd's to write live business from 1 July, The Insurance Insider can reveal.
Profit at Third Point Re, the reinsurer backed by Dan Loeb's Third Point hedge fund, almost halved in the first quarter, weighed down by weaker investment returns and rising crop claims, it said on 8 May.
Brit shares up; Ascot's casualty; Saga IPO; AmTrust hire; Cut price Tower; On track; Rates flat; Swiss Re drop; Esure flat; Weather hit; Integro departure; XL M&A; London pressure; Hiscox down; Scor up; Lancashire promotions; Greenlight Re loss and Alleghany declines
Diversifying legacy acquirer Enstar Group is working on a plan to merge its Torus and Shelbourne Lloyd's managing agencies next year, The Insurance Insider has learned.
Third-party managing agent Asta swung back into the black in 2013, reporting profits of £2mn ($3.36mn) after sinking to a £2.9mn loss for the 17 months to 31 December 2013.
Beleaguered insurer Tower Group has been downgraded by two rungs to C++ (marginal) after it disclosed a fresh $62.5mn reserve charge in its delayed fourth quarter results.
There have been at least two new notifications on a directors' and officers' (D&O) policy for the ailing UK Co-operative Bank, which nearly collapsed last year following its disastrous merger with Britannia building society in 2009, The Insurance Insider understands.
American International Group (AIG) has become the latest global carrier to take a financial hit from a spike in Spanish construction surety claims triggered by the property market collapse in 2008, the US insurance giant revealed last week.
The latest round of senior casualty departures at QBE European Operations means that few of the high-profile lead international casualty underwriters assembled by the expansive Australian insurance group over the preceding decade now remain in post.
Lloyd's grew its excess and surplus lines (E&S) business by 13 percent last year, taking total premiums to just over $7bn, according to figures revealed by director of risk management and general counsel Sean McGovern last week.
Endurance chairman and CEO John Charman has called for a new takeover code to ensure (re)insurers' boards act in the best interests of shareholders.
The influx of capacity from capital markets into the reinsurance sector could almost double to $87bn within the next five years without the need for new investment or proportionate allocations, according to Mike Millette, global head of structured finance at Goldman Sachs.
Florida private cat bonds continue ahead of 1 June renewal season...
Allstate will seek to add another $150mn to its cat bond reinsurance protection through a Florida indemnity deal after raising $750mn from its Sanders Re issuance, sister publication Trading Risk revealed last week.
The US government is suing American International Group (AIG) after a former employee accused the insurance heavyweight of concealing up to $664mn in bonus payments to its troubled financial products team.
Following on from our lead article ("Ugly rating environment spreads well beyond cat"), The Insurance Insider chronicles the effects of record capital levels across classes of global specialty (re)insurance
Shares in Tower Group were down13.18 percent last week after a rollercoaster week that saw a fresh reserve charge, a reduced bid and another downgrade
In part one of our Bermuda Q1 analysis, The Insurance Insider's Data Room examines the key trends in top and bottom-line improvement, with an in-depth analysis of premium growth and operating return on equity during the first quarter of 2014
The Texas Windstorm Insurance Association (TWIA)'s board of directors has approved plans to include a cat bond in its 2014 reinsurance programme as it plans to seek aggregate cover, following the example set by states such as Florida and North Carolina.
Republicans on the House Financial Services Committee have proposed a draft bill that would renew the Terrorism Risk Insurance Act (Tria) for only three years and increase the insurance industry's contribution.
Run-off specialist Catalina has clinched a deal to reinsure a $200mn book of legacy marine business written by Belgo-Dutch composite insurer Delta Lloyd.
The new Prudential Regulation Authority (PRA) guidelines on solvent schemes of arrangement and capital extraction from legacy insurers could "cause the problem they are trying to solve", an Insurance and Reinsurance Legacy Association (Irla) audience heard last week (9 May).
Legacy-to-live carrier Enstar Group's shares were 4.1 percent higher at $135.52 at the time of writing today (12 May) after it reported at the weekend that its profits had nearly trebled in the first three months of 2014.
A look-up table for The Insurance Insider's universe of P&C (re)insurers
Small general insurers tend to neglect the actuarial requirements of the European Union's new Solvency II capital regime, and some run the risk of missing the 1 January 2016 implementation deadline as a result, according to actuarial consultants OAC.
Despite compound rate-on-rate increases across the US commercial P&C sector in the last couple of years, some business lines are not generating enough margin to satisfy shareholder return expectations, according to CNA CFO Craig Mense.