Inside FAC June 2019
It’s a truth universally acknowledged among business-to-business journalists that the opening line of an article is both the best of times and the worst of times to enlist the use of well-worn clichés and tired literary references.
Energy market sources have said the payout for a business interruption (BI) claim relating to Husky Energy’s White Rose oil field is looking doubtful, although a lengthy legal wrangle over the loss could ensue.
Defence contractor Chemring has confirmed that it has received a £13mn ($17mn) payout on its insurance claim for an explosion at the firm’s plant near Salisbury in the UK last August.
Marsh & McLennan Companies (MMC) has put the majority of its UK-based staff at Guy Carpenter and the recently acquired and merged JLT Re operation under consultation as it seeks to make efficiency savings in its reinsurance businesses.
Lloyd’s has taken the first steps towards a multi-level framework of supervision for syndicates, with top performers likely to benefit from less oversight and greater control over their business plans.
Following the news in late May that Price Forbes had won a major reinsurance account for Mexican state-run energy firm Pemex from Alesco, Inside FAC has also learned that placement of a captive retrocession cover for Pemex has been wrested from Alesco by Miller.
Argo Group’s Lloyd’s Syndicate 1200 has withdrawn from the onshore energy market in London.
Hearings to resolve the dispute between Grenfell Tower insurer Protector Forsikring and its reinsurer Munich Re are expected to conclude in June.
AIG has cut back the vast majority of its mining liability business following deteriorating loss ratios in the class, driven in part by the most recent tailings dam disaster in Brazil, earlier this year.
Three former Guy Carpenter executives who left the company to join rival Lockton Re have asked a judge to dismiss the majority of a lawsuit filed against them by Marsh & McLennan Companies (MMC).
Cyber insurance premiums written in the US by domestic carriers reached $2.01bn in 2018, a 10 percent increase on the prior-year total, according the latest Cyber Market Update from Aon.
MGM Resorts International has revealed that it has up to $751mn in general liability insurance cover to meet the expected cost of lawsuits arising from the mass shooting at a Las Vegas concert venue in 2017.
Reliable insured loss estimates from the impact of Cyclone Idai on Mozambique in March have yet to emerge as work continues to assess physical damage from the flood, wind and storm surge that resulted from the event.
The California Department of Forestry (Cal Fire) has found Pacific Gas & Electric (PG&E) responsible for November’s Camp Fire, the deadliest and most destructive wildfire in California’s history.
The General Insurance Association of Japan (GIAJ) has estimated that insurance claims arising from last year’s Typhoon Jebi have nearly doubled since November, to 1.07tn yen ($9.9bn), as of 20 May.
A helicopter crash-landed on the roof of the Axa Equitable Center in New York on 10 June, killing one person.
AIG has moved former North American general insurance (GI) head Lex Baugh and Validus Re CEO Kean Driscoll to new global CUO roles as it continues to reshuffle its GI division.
BMS has secured a “significant investment” from Canadian pension fund British Columbia Investment Management Corporation (BCI) and private equity firm Preservation Capital Partners (PCP), which will value the business at £500mn ($636mn).
AJ Gallagher (AJG) has confirmed that its acquisition of JLT’s global aerospace operations completed on 1 June. AJG agreed to buy the aerospace division from JLT for £190mn ($240mn) in March, after Marsh & McLennan Companies put the unit up for sale to secure approval from the European Commission for its £4.9bn acquisition of JLT.
The DRC’s liberalised insurance sector has been slow to attract foreign investment, not least due to the country’s political instability, but change is afoot
New Zealand is looking to move beyond “no-go zones” as the market adjusts to a heightened view of earthquake risk and building codes come under greater scrutiny, finds Helen Yates
Protecting the world’s fine art and specie exposures remains a profitable niche for the London market, David Benyon reports
Aspen Re has appointed Meredith Head as leader of North American property. She joins the firm in September from Tokio Millennium Re (TMR), where she is currently senior vice president, property catastrophe underwriting.
As the integration of JLT Group’s constituent parts into the various businesses of Marsh & McLennan Companies (MMC) rumbles on, much of the focus has been on the re-shuffling and promotion of some senior executives, the high-profile exits of others and the inevitable poaching rows that have erupted.