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February 2012
The February 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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Events in the Middle East and North Africa have underlined the need for new thinking on political violence, civil unrest, and emergency evacuation cover products, according to Lloyd’s broker RFIB.
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Feature: Woeful investment returns, cat losses and evolving regulatory pressures are causing concern for Bermuda’s insurers and reinsurers.
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Bermuda’s insurers and reinsurers have weathered a torrid 2011 for catastrophes and are now looking optimistically forward to this year, with further price increases and M&A the talk of the island.
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The German reinsurer says that rates increases at January 1 do not yet indicate a hardening market, although it expects further rises throughout subsequent renewals periods.
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January 2012
While some insurers are mulling substantial price rises, brokers are sceptical over such hikes due to the competitive nature of the marine insurance industry.
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Daniel Westbury brings more than 20 years of insurance experience serving in both brokers and carriers.
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Towers Watson’s new report reveals that the April 2010 drilling rig explosion and oil spill drove the 5.1% climb in the tort costs in 2010.
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Consortium of Tawa, Skuld, and Paraline has completed acquisition of Lloyd's turnkey managing agency Whittington Insurance Markets.
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The new political risk and trade credit team is led by Joe Blenkinsopp, who is also the unit’s new deputy global head
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Airline insurers make a profit in 2011 - a result of the market's loss figure falling to $1.1bn from $2.1bn in 2010, says Aon Risk Solutions.
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Comment: Guy Carpenter’s reinsurance renewals report included a handy checklist of the big themes facing the global insurance and reinsurance market this year. it is noticeable what themes don’t make the list, says Michael Loney, managing editor of Reactions.
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David Brown will lead the newly formed specialty industry segment to serve fleet transportation firms
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An exciting development for the aviation insurance market and plane spotters everywhere is the long awaited introduction of Boeing’s 787 Dreamliner family of airplanes into commercial use.
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Rating agency says excess capital and good risk management give global reinsurers a cushion against 2011’s high catastrophe losses.
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Aviation insurers are flying high after stellar results in 2011. But how long will it last?
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The insurer consolidates its property energy underwriting in one location to be led by executive VP for Bermuda, Peter Coleman.
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The Bermuda insurance and reinsurance market remains “nimble” and resilient, according to a recent report from Fitch, but the firm warned that challenges to the domicile’s advantages remain likely.
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INTERVIEW: Greg Case, CEO of Aon, believes that the insurance broker can help its customers manage their way through the tough global operating environment and rise to the challenge of new and complex risks by working on a more robust fact basis.
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Analysis: Willis and Moody’s have provided views on the severity of damage to the insurance and reinsurance industry Costa Concordia, and the indications are not positive, while Munich Re and Hannover Re give initial loss estimates.
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Terry Rybicki and Ian Galloway have been named as entertainment distribution head and entertainment claims/risk head, respectively.
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The optional cover will insure photovoltaic module operators against manufacturer’s insolvency risk.
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The reinsurer expects claims to be in “mid double-digit million euro range” from the Concordia disaster.
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Stephen Dinsdale and Jerry Ruth will support Ace’s strategies to offer global property and liability solutions to the aerospace industry.
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There was plenty to consider at the 1/1 reinsurance renewals, such as near-record catastrophe losses and irksome risk modelling issues. Now that feedback is in from reinsurers, brokers and cedants, we try to make sense of it all.
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Fitch says banning referral fees for UK motor insurance firms will help combat increasing fraudulent claims.
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The enhanced coverage will help oil and gas well operators adapt to more responsibility thrust on them for equipment loss or damage.
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The insurer expects the decision to result in expenses of $90m-$110m.
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The insurer has appointed Alan Shaw to manage its European environmental business from the London branch.
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Data: AM Best data reveals world's largest insurance companies by assets and net premiums.
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ANALYSIS: A report on January renewals from reinsurance broker Guy Carpenter says after a costly year of Asian catastrophes in supposed “cold spots”, capital levels have recovered but cat rates are sharply up at renewal.
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Can complex accumulation risks be controlled? Probably not completely, says Munich Re CRO Joachim Oechslin, but progress is being made
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Jonathan Greenway has succeeded Jim Lauerman as president of HCC’s aircraft owners coverage unit Avemco Insurance.
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The premium volume of the Latin American insurance market grew 19.2% in 2010 when expressed in euros to Eu90,316m, according to figures released by Spanish insurer Mapfre.
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The insurers have teamed up with Sciemus to form a consortium designed to provide coverage to power and utilities sector.
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Ryan Specialty Group has bought underwriting manager Global Special Risks from Willis North America.
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The P&C (re)insurer has entered a partnership with Drum Cussac and Compass Risk Management to offer “highest-quality” prevention services to clients.
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The US insurer’s travel coverage products will be underwritten by Pennsylvania based underwriter Old Republic.
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Mike Taylor-West will operate from a new London office as private client & marine head.
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One percent increase in composite US property/casualty rates “further supports our findings that the soft market cycle has ended”, says MarketScout.
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The December 2011/January 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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The broker has merged its Italian operations with Marine & Aviation, a major Italian broker, taking a 25% stake in the new entity.
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The increasing demand for bullion comes with associated insurance implications, says the London market.