Inside FAC July/August 2018
I make no apology this month for taking my inspiration from an excellent article recently written by Gen Re’s Leo Ronken, P&C senior consulting underwriter, on that most thorny of issues to plague the fac market in recent years: business interruption (BI).
Rating conditions in the energy facultative reinsurance space remain flat to slightly up despite market capacity having reached an all-time high.
Expansive Price Forbes has hired former Marsh managing director Simon Howell as it seeks to re-energise its power, utility and construction practice following its recent restructure.
In a move which is being keenly watched by the fac market, major European cedant Zurich has appointed Markus Meier as its new global head of group reinsurance.
The construction (re)insurance sector is expected to absorb the extensive rebuilding costs for the Glasgow School of Art, one of the UK’s iconic buildings.
Fac market losses as a result of recent damage to Colombia’s Ituango dam could be significant given the expected scale of the problem.
AIG could be facing a substantive property loss following a massive fire at the five-star Mandarin Oriental Hotel in London’s Knightsbridge last month.
Insurers will take losses of more than $3bn following multiple thunderstorm and hail events in the US during June, according to the latest Impact Forecasting report from Aon.
Several motor manufacturers were forced to temporarily suspend operations this month as a result of severe flooding in Western Japan.
In a further indication of the continuing appetite for commercial terrorism products, Aon has secured Chubb and Lloyd’s paper for a new stand-alone terrorism and political violence product, called Platinum.
Gallagher’s specialty wholesale unit Alesco is understood to be close to signing a deal for the captive consultancy and reinsurance broking account for Mexican state-run energy firm Pemex, Inside FAC has learned.
In a major reshaping of its senior property team, AIG is understood to have parted company with Lexington CEO George Stratts. Lex Baugh, CEO of North America general insurance, is acting as interim CEO at Lexington while an external search for a replacement is held.
Ryan Specialty Group (RSG) has launched a new reinsurance managing general underwriter (MGU), RyanRe Underwriting Managers, which will offer facultative capacity to clients.
New entrants, excess capital, widening T&Cs, fiercely competitive rating, rising losses… A&H has it all, as Inside FAC discovers
What really drives reinsurance purchasing is a question the fac market would love to answer, so we are grateful to Willis Towers Watson for providing some background. Inside FAC takes a look
From Galapagos to the Amazon jungle, Ecuador is famed for its ‘megadiversity’ of endemic species. And while its insurance sector remains marine-heavy, fac opportunities look equally diverse
Lloyd’s CEO Inga Beale is to leave her post next year. Lloyd’s said Beale’s leaving date “will be confirmed in due course and the search for her successor is under way”.
Do politicians still kiss babies when canvassing? Well, one politician who is likely to be steering clear of infants is Donald Trump, who has been represented in effigy by a giant inflatable baby on his visit to the UK this month.