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US P&C industry’s Q4 premium growth decelerates to 8.5%: KBW
6th April 2022
Analysts at Keefe, Bruyette & Woods (KBW), have announced that the domestic P&C insurance industry’s 4Q21 year-over-year direct written premium (DWP) growth decelerated modestly to +8.5%, from 3Q21’s +10.4%, although the strong y/y increase probably still reflects recovering exposure units and sustained economically sensitive rate increases. In a report, analysts say ... Read the full article
US Treasury seeks industry feedback on terror re/insurance
6th April 2022
The Federal Insurance Office (FIO) within the US Department of Treasury is seeking feedback from the insurance and reinsurance industry on the effectiveness of the Terrorism Risk Insurance Program (TRIP). TRIP forms part of the amended Terrorism Risk Insurance Act (TRIA) of 2002, and provides a federal backstop for re/insurers providing ... Read the full article
Mosaic adds Lloyd’s carrier Apollo to boost syndicated global capacity
5th April 2022
Mosaic Insurance has added Lloyd’s carrier Apollo to its consortia of industry partners, boosting the amount of syndicated capacity it can deploy for high-demand transactional liability coverage worldwide. The new partnership will support Mosaic’s hybrid syndicated capital program, in which Mosaic Syndicate 1609 commits capital alongside that of trade partners seeking ... Read the full article
Reinsurers specialty lines exposed to Russia-Ukraine conflict: S&P
4th April 2022
According to S&P Global Ratings, the Russia-Ukraine conflict will add uncertainty and exacerbate earnings volatility in global reinsurers' specialty lines, although their direct asset exposure is minimal. S&P Global Ratings credit analyst Johannes Bender explained: "For most of the top 21 global reinsurers we rate, asset exposure to Russia and Ukraine ... Read the full article
D&O remains challenging for pricing and capacity: Amwins
4th April 2022
According to specialty insurance broker Amwins, the Directors and Officers (D&O) market remains in a holding pattern with 5% to 10% price increases as the world continues to experience economic uncertainty in the aftermath of the pandemic. The D&O market for Initial Public Offerings (IPO) and Special Purpose Acquisition Companies (SPAC) ... Read the full article
CFC names Roger Francis as Managing Director, CFC Response
4th April 2022
Specialist insurer CFC has appointed Roger Francis to the newly-created role of Managing Director of CFC Response, bringing with him over 15 years of experience within information security. Francis joined CFC in the summer of 2019 to take up the role of Cyber Claims Director, having previously helped businesses protect their ... Read the full article
Kremlin confirms stranded planes will not be returned
1st April 2022
A statement from Russian Deputy Prime Minister Yuri Borisov has confirmed that all Western planes still in Russia following the termination of leasing contracts earlier this week will remain in the country indefinitely. Borisov said that all planes that have had leasing contracts ended have now been entered into the Russian ... Read the full article
Brexit threatening London Market’s influence in the insurance industry: Airmic
1st April 2022
Airmic, the UK association for risk and insurance professionals has said that Brexit is threatening the London Markets influence in the global industry. This was reported in the company’s March 2022 Pulse Survey which took place between March 3-11. One of the questions in the survey asked how has the influence of ... Read the full article
S&P sees worst-case Russia insured loss of $35bn+ across aviation, specialty
31st March 2022
Analysts at S&P Global Ratings have looked at a range of potential loss scenarios for re/insurers arising from the conflict between Russia and Ukraine, with its worst case scenario carrying a potential loss of more than $35 billion across aviation, specialty and cyber business. There has been much speculation about how ... Read the full article
Market may not understand Ukraine loss this year: Lloyd’s CEO Neal
30th March 2022
John Neal, Chief Executive Officer at specialist re/insurance marketplace Lloyd’s of London, has warned that the market is a long way out from understanding its full exposure to Russia’s invasion of Ukraine. During a call prior to his hospitalisation following a car accident over the weekend, Neal warned that half-year reports ... Read the full article
Guy Carpenter appoints Enoizi as global head of public sector
30th March 2022
Global reinsurance broker Guy Carpenter has appointed Julian Enoizi as global head of public sector. The firm said that the position would become effective on 11 April. Enoizi will be responsible for driving the company’s growth strategy. He will work with the global team to identify opportunities to address systemic risks, such ... Read the full article
Beazley sets up new underwriting divisions, names leaders
30th March 2022
Beazley has announced the creation of four new interconnected underwriting divisions as part of its growth strategy, namely: Specialty Risks, Cyber Risks, MAP Risks and Property Risks. Bethany Greenwood will lead the Specialty Risks division, which also encompasses M&A and Executive Risks, with James Eaton supporting the transition in advance of ... Read the full article
Commercial insurer profits to peak in 2023, weaken after: Fitch
29th March 2022
Analysts at Fitch Ratings believe that commercial insurance price momentum peaked last year, meaning insurer profits are likely to reach a high in 2023 and weaken thereafter. In a new report, the rating agency notes that price increases since 2017 helped regain healthy profitability in 2021, but warns that price momentum ... Read the full article
US D&O premium growth drives loss ratio improvement: Fitch
29th March 2022
According to rating agency Fitch Ratings, several years of U.S director and officers’ (D&O) insurance rapid premium growth led to a material decline in 2021’s direct loss ratios, and it is expected that it may continue in the near term. But, recent performance improvement and competitive factors are expected to temper ... Read the full article
Constellation to pick up Michigan Professional Insurance Exchange
29th March 2022
Constellation has announced that it is to acquire the business, assets, and liabilities of Michigan Professional Insurance Exchange (MPIE). The agreement, which is subject to regulatory and subscriber approval, comes as AM Best said the financial strength rating and long-term issuer rating ratings of Constellation will remain unchanged. A release from Constellation ... Read the full article