Casualty/liability

Reactions Latin America Awards winners revealed

Thu, 23 May 2013 00:00:00 GMT

The first-ever Reactions Latin America Awards were revealed on May 22 in Miami. A mix of domestic and international firms scooped trophies including Sura, Itaú, ASSA, GNP, Sancor, Munich Re, Swiss Re, Patria Re, Barents Re, IRB-Brasil Re, Aon, Aon Benfield.

Endurance hires Alterra E&S casualty team

Mon, 20 May 2013 00:00:00 GMT

Endurance has announced the establishment of a new E&S team to join the company next week. The team will be led by Joseph Rainone.

Feature: Berkshire Hathaway declares war

Mon, 20 May 2013 00:00:00 GMT

Berkshire Hathaway’s aggressive entry into commercial primary insurance has raised concerns among US insurers about a potential pricing war. Some believe more reinsurers will follow Warren Buffett ‘s lead and target the E&S insurance market.

Marsh launches D&O Delta product

Mon, 20 May 2013 00:00:00 GMT

Insurance broker Marsh has introduced a directors’ and officers’ liability insurance (D&O) product to shield from growing regulatory and liability risks.

Midwest Re/Insurance Conference slides

Mon, 20 May 2013 00:00:00 GMT

The presentations from the Reactions Midwest Re/Insurance Conference, held in Chicago on April 30, are now available as well as coverage from the event including a keynote from Ryan Specialty Group's Pat Ryan.

Reserve releases are like discovering fracking - Conning

Mon, 20 May 2013 00:00:00 GMT

US property/casualty insurance industry releases more than $10.5bn in reserves in 2012, says Conning in a new report. The reserve position is stable despite the 2012 releases.

Reinsurers find LatAm regulation “puzzling”

Fri, 17 May 2013 00:00:00 GMT

Region Profile: Economic growth, a need for capacity, and diverse investment opportunities lure foreign insurers and reinsurers to Latin America but the region offers challenges from changing regulations, political instability and a shifting reinsurance market.

Berkshire Hathaway credit rating cut to AA

Thu, 16 May 2013 00:00:00 GMT

Standard & Poor’s has downgraded Berkshire Hathaway's credit rating one notch to AA from AA+ because of its “dependence on its core insurance operations for most of its dividend income”; AA+ financial strength rating affirmed.

Munich Re: 50% P&C growth by 2020

Thu, 16 May 2013 00:00:00 GMT

The global insurance market will see strong growth in 2014, especially in emerging markets and primary insurance, less so in reinsurance, Munich Re predicted.

Overcoming Tria hostility an “uphill battle”

Thu, 16 May 2013 00:00:00 GMT

Opposition to renewing the Terrorism Risk Insurance Act from the chairman of the House Financial Services Committee will make it very hard for an extension of the terrorism insurance backstop to get passed despite insurance and reinsurance firms’ optimism.

Vote for the Reactions Global Awards 2013

Wed, 15 May 2013 00:00:00 GMT

Have your say on the the best insurance, reinsurance, broking and service provider firms for the Reactions Global Awards 2013. The winners will be anounced at our awards dinner in New York on September 25.

AAMGA broadens scope, changes name

Tue, 14 May 2013 00:00:00 GMT

The American Association of Managing General Agents’ board votes to expand its membership to include qualifying brokers, managing general underwriters, programme administrators and programme managers and to rebrand to reflect the change.

Ace expands Italian surety business

Tue, 14 May 2013 00:00:00 GMT

Ace is expanding its Italian surety business by launching a range of products and creating a new Surety underwriting manager role.

Buffett needs “stomach” for E&S insurance

Tue, 14 May 2013 00:00:00 GMT

Berkshire Hathaway must be prepared for hard times if it is going to be a successful long-term player in the commercial property/casualty market, according to excess and surplus lines broker Christopher Cavallaro from ARC Excess & Surplus.

Marsh offers Mexico organized crime insurance

Tue, 14 May 2013 00:00:00 GMT

The Mexican unit of insurance broker Marsh said is launching a policy that will cover terrorism, organised crime and sabotage, the first such policy available.

Tokio Millennium Re in Switzerland redomicile

Tue, 14 May 2013 00:00:00 GMT

Tokio Millennium Re announces plans to redomesticate to Switzerland, with the reinsurer also planning to establish an operation in the US in the second quarter of 2014.

Allianz recruits technology underwriter

Mon, 13 May 2013 00:00:00 GMT

Allianz has expanded its London based financial lines team by appointing its first technology professional indemnity underwriter in its global corporate and speciality branch.

Cyber risk not fully appreciated: Zurich’s Foley

Mon, 13 May 2013 00:00:00 GMT

The assessment of how well companies are prepared for cyber attacks is the biggest benefit provided by cyber risk insurance at the moment, according to Mike Foley, CEO of North America commercial business at Zurich.

Fitch predicts 99.5% US P/C combined ratio

Fri, 10 May 2013 00:00:00 GMT

Improving US property/casualty underwriting results are anticipated to promote higher industry profits in 2013, according to a report released by Fitch.

Moody’s: Dutch insurance outlook is negative

Fri, 10 May 2013 00:00:00 GMT

The Dutch insurance industry may be facing a rough ride as a result of economic slowdown, coupled with a life insurance contraction and heightened competition.

Tria uncertainty disrupting workers’ comp writers

Fri, 10 May 2013 00:00:00 GMT

Workers’ compensation insurers are abandoning some decades-old relationships because of the uncertainty over the future of the Terrorism Risk Insurance Act, according to Tom Fitzgerald, CEO of Aon Risk Solutions’ US retail operations.

Texas Plant had $1m in liability insurance

Thu, 09 May 2013 00:00:00 GMT

The fertilizer plant that exploded last month in west Texas holds just $1m is liability insurance, a tiny amount compared to the estimated cost of the damage cause by the blast.

AM Best: Buoyant UAE market

Wed, 08 May 2013 00:00:00 GMT

The UAE insurance market is being kept afloat by compulsory medical schemes, public spending and social programmes despite its slow economy.

Aon Benfield builds construction arm

Wed, 08 May 2013 00:00:00 GMT

Aon Benfield has announced its new construction and engineering team will embrace treaty, facultative and capital markets.

Munich Re’s Q1 profit rises 25% to €979m

Tue, 07 May 2013 00:00:00 GMT

Munich Re expects slight price erosion for such cat reinsurance cover in the US at July 1. The world’s biggest reinsurer said it is continuing to aim for a profit of close to €3bn for the whole year.

Shariah-compliant Lloyd’s agency launched

Tue, 07 May 2013 00:00:00 GMT

Colbalt Underwriting, Aon and XL join forces to launch the first underwriting agency at Lloyd’s to provide Shariah-compliant insurance and reinsurance products to businesses globally.

Third Point eyes 2013 reinsurance IPO

Tue, 07 May 2013 00:00:00 GMT

Third Point, the $11.6bn hedge fund run by Dan Loeb, has hired banks for an initial public offering of its reinsurance unit Third Point Re, according to Reuters.

AIG P&C units upgraded to A+ by S&P

Mon, 06 May 2013 00:00:00 GMT

AIG’s property/casualty group has rating upgraded to A+ by rating agency Standard & Poor’s in light of successful restructuring by over the past two years.

Data: Bermuda insurers and reinsurers ranked

Mon, 06 May 2013 00:00:00 GMT

19 Association of Bermuda Insurers and Reinsurers members wrote $66.4bn in global gross written premium, up from $65.8bn in 2011 on a capital and surplus base of $95.2bn, up from $89.7bn in 2011.

Fitch warns of higher rates if Tria expires

Mon, 06 May 2013 00:00:00 GMT

Legislation that would extend the Terrorism Risk Insurance Act through 2019 in the US House of Representatives “is likely the opening act of a tough legislative battle”, warns Fitch, adding commercial insurance pricing will increase if Tria is not renewed.