Hardly a week has gone by in recent years without a story of some carrier or other diversifying into yet another speciality niche. Accident and health springs to mind as a particular favourite, but really you can take your pick.
Berkshire Hathaway Specialty Insurance (BHSI) is upping the ante as it continues its push into primary business with the launch of a London-based management liability unit, Inside FAC can reveal.
With the fourth quarter 2016 results season in full swing as Inside FAC went to press one clear theme has emerged: the extent to which specialty classes have suffered substantive hits during the period.
Beazley's life, accident and health division was the biggest cloud in an otherwise relatively clear sky as the carrier reported its 2016 full-year results.
The aviation (re)insurance market took $1.2bn of losses in 2016, markedly down on both results for the past few years and the five-year average, according to analysis by JLT.
The claim for the faulty Big Foot Gulf of Mexico platform is understood to have settled for $550mn.
WR Berkley's fourth quarter catastrophe losses more than tripled year-on-year as the impact of Hurricane Matthew and the Tennessee wildfires was felt.
Pemex and its insurers are understood to have settled the claim related to an explosion and fire at Pemex's Abkatun A-Permanente platform on 1 April 2015 for some $650mn.
The downstream energy market is facing a possible claim of $800mmn following a fire at the Takreer Ruwais refinery in Abu Dhabi, according to sister publication The Insurance Insider.
A series of tests led by Hiscox has predicted that the London market would be able to survive a series of major events incurring cumulative insured losses of $200bn.
Clients with heavy terrorism risks are still looking to purchase cover in the standalone US terror market, with pricing remaining favourable in a range of 4-10 percent allocated from all risk property premium, according to Marsh's US property practice leader Duncan Ellis.
US commercial P&C rates softened by an average of 3.3 percent in the fourth quarter, according to the latest survey from The Council of Agents & Brokers (CIAB).
Hannover Re reported declining rates and premium volumes in a number of specialty reinsurance lines at the 1 January treaty renewals, partly mitigated by improvements in credit, surety and cyber business.
The price of US directors' and officers' (D&O) insurance fell by 6.7 percent in the fourth quarter of 2016, despite a record increase in class action claims, according to Marsh.
Markel has agreed to buy SureTec Financial's largest subsidiary, surety specialist SureTec, for $250mn.
Despite an increase in litigation that has driven up D&O claims frequency, the news on rates is hardly uplifting. Inside FAC takes a peek
Aegis London has entered a partnership with The Meco Group, a specialist marine insurance managing general agent.
Toby Sawyer, head of property, Aegis London
What with legacy disposals, high profile claims and a brutally competitive market, it continues to be a tough old time for the UK larger commercial market, as Inside FAC discovers
Christmas seems like a long-distant memory now, but as late as the second week of January Sompo Canopius was still harping on the festive theme with the results of its secret Santa competition.