Inside FAC November 2018
While, as one commentator noted about the current upheaval over Lloyd’s business plans, it’s a “febrile time” in the London market, it could also be considered to be a fertile time for the direct and facultative (D&F) space.
The facultative market is turning its back on once-popular facilities, with brokers struggling to get new projects across the line as underwriters decline to commit their capacity, Inside FAC understands.
StarStone Syndicate 1301 is the latest market to withdraw from underwriting property direct and facultative (D&F) business in order to secure Lloyd’s approval for its 2019 business plan.
The news that AIG is reorganising its retail and wholesale distribution strategy, as it seeks to improve profit margins on its overall underwriting operations, has raised questions over the future fac spend at excess and surplus lines (E&S) carrier Lexington.
Rock-bottom conditions in construction (re)insurance business, coupled with a series of major losses in recent quarters, are fuelling talk of a hardening in the market.
Barbican’s Syndicate 1955 has received approval from Lloyd’s for its 2019 business plan following a decision to exit the professional indemnity (PI) class, the group announced this week.
The insured loss from a fire at the Lürssen shipyard in Germany last month, which is believed to have destroyed a super yacht under construction, is rumoured to have increased to $900mn.
The fine art and specie market could be hit with a claim in the region of $50mn-$100mn after a fire at the East Hampton home of billionaire investor and art collector Ron Perelman.
A fire at a Canadian oil refinery in October is the third major incident in the downstream energy market in the past 10 weeks, and brings the tally for insured losses over the period to a potential $1.2bn.
Norwegian energy company Noreco, which filed a $470mn claim in the energy construction market for damage to the Siri oil platform in the North Sea in 2009, has had its final appeal quashed.
Aon’s Impact Forecasting arm has estimated that Hurricane Michael, which made landfall on the Florida Panhandle on 10 October, will produce economic losses of $15bn.
Berkshire Hathaway will not renew the major catastrophe aggregate cover that it wrote on a 100 percent basis for QBE after years of losses on the deal.
Brokers love facilities, and the facultative market is no exception, but has the fac facility’s time come and gone?
Head of International, GC Fac
Canada’s reinsurance market shows that fac is still needed on a localised basis, David Benyon reports
Major loss after major loss pounded the construction (re)insurance sector in 2018, but don’t expect a marked improvement in conditions any time soon, writes Marcus Alcock
Miller’s head of energy, Julian Taylor, is to leave the firm at the end of the year following completion of the earn-out triggered by Willis Towers Watson’s 2015 acquisition of the broker
In an era of studio-lit, Photoshop-enhanced or marketing-led ‘quirky’ profile pics of office personnel in industries ranging from advertising, to the media, to tech companies to global reinsurers, it’s almost refreshing to see a firm which has thrown caution to the wind and gone for ‘all-out goofy’ as its look.