Property-catastrophe

Devastating tornado sweeps across Oklahoma

Mon, 20 May 2013 00:00:00 GMT

A highly destructive tornado has torn through an Oklahoma City suburb on Monday ripping through two schools and leaving a trail of devastation in its wake.

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.

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.

Property insurers seek T&C changes: Marsh

Mon, 20 May 2013 00:00:00 GMT

US property insurance limits and deductibles remain stable, indicative of a competitive marketplace, with the exception of insureds in the north-east and those with significant flood exposures, says new Marsh report.

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.

Travelers in $300m cat bond

Mon, 20 May 2013 00:00:00 GMT

Travelers transfers $300m of US hurricane risk to capital markets with Long Point Re III catastrophe bond, placed by Guy Carpenter Securities.

AM Best takes PartnerRe off negative outook

Fri, 17 May 2013 00:00:00 GMT

AM Best has revised the outlook to stable from negative and affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa” of Partner Reinsurance Company Ltd. (PartnerRe)

Capital markets in reinsurance's “main tent”

Fri, 17 May 2013 00:00:00 GMT

Willis ILS report says $1.6bn of new cat bond issuance in the first quarter, and “2013 is roaring forward with a flurry of cat bond, sidecar, and collateralised reinsurance activity”, with record issuance expected.

Political turmoil threatens Bahrain hub status

Fri, 17 May 2013 00:00:00 GMT

Despite being hardest hit by political instability in the Middle East, Bahrain’s insurance industry is flourishing, partly because it’s less oil-dependent than its neighbours.

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.

Hannover Re reinsures energy warranties

Thu, 16 May 2013 00:00:00 GMT

Hannover Re has launched a German energy savings warranties reinsurance product, hoped to create incentives to “reduce energy consumption in Germany”.

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.

Tornadoes cause devastation in Texas

Thu, 16 May 2013 00:00:00 GMT

Three tornadoes touched down in West Texas on Wednesday, with AIR’s Storm Prediction Centre saying they were caused by super cell storms. The storms killed six and destroyed more than 120 homes in the neighbourhood of Granbury.

India mulls nat cat insurance scheme

Wed, 15 May 2013 00:00:00 GMT

India’s prime minister, Manmohan Singh, has indicated he is in favour of setting up a mechanism to provide added insurance protection against natural catastrophes in the South Asian country.

Midwest insurers fear tornado, quake exposures

Wed, 15 May 2013 00:00:00 GMT

Analysis: Midwest insurers and reinsurers are worried about rising tornado losses and warn earthquake exposures are being ignored, says a panel from Aon, Swiss Re, Allied World, Eqecat and Ryan Specialty Group at the Midwest Re/Insurance Conference.

Neill Currie to retire as RenaissanceRe CEO

Wed, 15 May 2013 00:00:00 GMT

Kevin O’Donnell to replace RenaissanceRe co-founder Neill Currie as CEO on July 1. Currie will stay on as an advisor to the Bermudian reinsurnace firm until February.

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.

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.

Power industry sustaining losses

Tue, 14 May 2013 00:00:00 GMT

The power industry is seeing “hundreds of millions” in peak losses as a result of renewable energies presenting new challenges and the increasing size of projects.

Sirius launches capital markets initiative

Tue, 14 May 2013 00:00:00 GMT

Sirius hires Goldman Sach’s Michael Halsband for capital markets initiative in insurance-linked securities and reinsurance capital markets convergence.

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.

Towers Watson places $20m Florida cat bond

Mon, 13 May 2013 00:00:00 GMT

Towers Watson Capital Markets closes on Sunshine Re 2013-1, a multi-year $20m catastrophe bond.

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.

Interview: Shah outlines RMS(one) vision

Fri, 10 May 2013 00:00:00 GMT

The CEO of Risk Management Solutions says his firm's new platform is the result of the risk modelling industry reaching an inflection point, while insurance and reinsurance firms welcome the chance to analyse data faster through the cloud.

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.

New Residential Re cat bond gets S&P rating

Fri, 10 May 2013 00:00:00 GMT

Standard & Poor’s assigns Residential Reinsurance 2013 Series 2013-I Class 3 notes preliminary B-(sf) rating.

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.