PV/Terror
-
PVT business has been attracting new capacity after recent rate increases.
-
Plus the latest people moves and all the top news of the week.
-
The PVT market has seen a recent spike in staff movements, as new capacity enters the space.
-
The peril is posing an increased risk of loss for the sector.
-
The carrier launched into the political violence market at the beginning of the year.
-
The short-tail buildout will feature lines including political violence and marine.
-
QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
-
Police and civil authorities will likely pick up most costs.
-
New capacity and increased competition is bringing rating levels under pressure.
-
Riots erupted in the Pacific Island territory last month over electoral reforms.
-
Dominic Kirby’s departure follows that of PV head Henry Gillingham and casualty treaty head Stuart Dale.
-
The flurry of London market PVT hiring continues.
-
The PVT team will be part of a new crisis management unit under Luke Powis.
-
The underwriter has been with Westfield since November 2020.
-
The underwriting head has worked in the London market for 25 years.
-
The broker has also placed a new cyber facility.
-
Israel exposure has thrown inwards-outwards PV coverage mismatches to the fore again.
-
Both Schlesinger and Sandford will report to Matt Humphries, head of crisis management.
-
She joined the carrier as an underwriting assistant over 11 years ago.
-
Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
-
The broker said there was a ‘disparity’ in market response to war in the Middle East.
-
Environmental activism and terrorist activity are also set to rise.
-
Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
-
Competition among insurers is rising as new carriers enter the market.
-
Providing coverage will remain “very tricky” in the near term.
-
Talbot has lost a trio of PV underwriters to Ark in recent months.
-
Alexander Baker was a senior PV, war and terrorism underwriter at Axa XL.
-
Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
-
Mosaic has also added CNA Hardy’s Emily Humphreys to its PV team as part of the deal.
-
Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks.
-
Key market participants hailed the narrowing of the gap between PV insurance and reinsurance, however said that more still needs to be done to fix the market.
-
Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
-
The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
-
Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
-
The carrier has hired Ed Atkin, Piers Harding and George Wallace from Talbot and Callum Bennett from Chaucer to run the new book.
-
Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.
-
The MGA was without backing since March 2023, after Markel and Chaucer pulled their PVT paper.
-
Woodhouse will be based in London and report to Ed Winter, director of terrorism.
-
The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.
-
The political violence market failed to ‘look in the rearview mirror’ amid growing geopolitical tensions.
-
The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.
-
Sources said the insurer will not be taking on any new business or renewals as the PV class continues to be threatened by potential losses.
-
A cancelled Bruno Mars concert in Tel Aviv is among the losses to hit the segment.
-
Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.
-
Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
-
Plus, all the latest company results, executive moves and top news from the week.
-
Sources are paying close attention to several pipelines in the region, as the conflict between Israel and Hamas continues.
-
Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
-
The appointment comes just over two years after Sompo International entered the political violence and terrorism market.
-
With SRCC losses on the rise in recent years, the French riots have thrown a light once more on the dislocation within the political violence market.
-
The cost of the damage at the end of June is already more than three times higher than the four-week riots in the autumn of 2005.
-
If you only read a handful of articles this week, make it the selection below.
-
The consultancy has outlined the financial guarantees needed from governments and availability of data from Ukraine that will enable insurers to provide risk capacity for the country's recovery.
-
Chief of markets Patrick Tiernan said there has been "minimal improvement" in rate adequacy across political violence, terrorism and strikes, riots and civil commotion business.
-
Plus the latest executive moves and all the top news of the week.
-
The underwriter will be reunited with former colleague and current head of terrorism, political violence and war, Andy Bauckham.
-
He will be responsible for supporting the Bermudian’s expansion in the Middle East and North Africa region.
-
Warne joins from Inigo where she was head of political violence, terrorism and aviation war for nearly two years.
-
SRCC losses have now also surpassed other classes of political violence insurance claims, with more than $10bn since 2015, compared with $1bn for terrorism.
-
The specialty MGA cited the recent contraction in the reinsurance treaty market as a reason for its loss of capacity but said it was in advanced discussions with other providers.
-
The cost of living, government distrust, polarisation, activism and climate all pose heightened risk.
-
Two of the most-exposed segments to the war have experienced very different years, with sweeping PV changes contrasting to more stable conditions in parts of the aviation sector.
-
Tony Day and Julia Dickinson, who both joined Aon in 2013, have previously held a number of senior roles within the political violence and terror team.
-
Misalignment in T&Cs means the London market is now running far more PV risk net.
-
The Lloyd’s carrier’s CEO said the market must now ‘climb out of the rehabilitation phase’.
-
As a result of rising reinsurance costs and contracting reinsurance capacity, primary political violence rates are increasing up to 400%, depending on the geography.
-
Under the terms of the renewal, the brokers made several concessions to underwriters, including making PV and SRCC risks prior submit, rather than automatic delegation.
-
Cedants are grappling with rising rates while coverage narrows.
-
Plus this week’s executive moves and all the latest exclusives of the week.
-
Progress around placements undercuts the case for an unravelling of the facilities that dominate the market.
-
James Floyd joins from Gallagher, where he was a director on its crisis management team.
-
James Bannister has spent 12 years in total at Aon, with his time at the broker split in half by a two-year stint as a PV underwriter at Sompo Canopius.
-
Christianna Vandoorne has been head of terrorism and PV at the syndicate since June 2020.
-
Political violence reinsurance capacity will be a “precious commodity” at 1.1 but differences remain over how much restructuring of specialty composites should occur.
-
Plus the full Insider Honours winners list, people moves and all the top news from the week.
-
It is understood Markel is the lead insurer and Aon’s Risk Solutions is the broker on the $200mn policy.
-
Josh Hearnden becomes the second recent acquisition to the Mosaic PV team of late, following the news in May that Luke Bennett was joining from WRB Underwriting.
-
Plus this week’s top carrier results and need-to-know people moves.
-
Colombia had a 358% increase in civil unrest in the past year, while Argentina experienced a 37% increase in riots.
-
The reinsurer so far has made no claims on its retro protections for war-related impacts.
-
The report has highlighted how different scenarios arising from the conflict could affect the global economy, with particular warnings on sector exposures to cyber attacks.
-
Hiscox is understood to have led the policy, while Aon is said to be the broker.
-
Plus, an in-depth look a pressure on the FCA and PRA and all the top news from the week.
-
Following the war in Ukraine, sources expect an uptick in reinsurance costs, a decline in risk appetite and business moved away from market facilities.
Most Recent
-
Wefox hires former AGCS leader Müller as CEO
19 September 2024 -
Lloyd’s to add new legacy controls, seeks cyber aggregate data
19 September 2024 -
Allstate pegs August cat losses at $215mn post-tax
19 September 2024 -
Reinsurers anticipate limited impact from Storm Boris flooding
19 September 2024 -
LMA CEO Cameron welcomes appointment of Roxburgh as Lloyd’s chair
19 September 2024 -
Miller hires Rance for reinsurance strategy and innovation role
19 September 2024