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...The syndicate will look to write business across multiple insurance and reinsurance lines, including political violence, marine, aviation and property catastrophe....
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...The company says it still has “reinsurance relationships with some non-Russian entities”. The company is part owned by the Italian insurer Generali, but its stake has been “frozen” since the invasion....
...Private capital managers use Bermudian operations to reinsure life insurance and annuity business from companies that they already own as well as from rivals....
...Aspen is owned by private equity group Apollo and sells insurance and reinsurance through the Lloyd’s of London market as well as in Bermuda and the US....
...The regulator also wants to make greater use of reinsurance markets, and aims to encourage investors to put more money into EU insurance-linked securities — such as catastrophe bonds, which pay out for certain...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...and reinsurance firms....
...Lloyd’s benefited as a mixture of the Ukraine war, inflation and climate risks sparked a significant repricing of reinsurance contracts....
...London remains an international hub for the sale of insurance and reinsurance, and has continued to grow despite competition from other markets such as Singapore and disruption from Brexit, which raised...
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...Lloyd’s of London — the world’s oldest insurance market — acquired a reputation for inefficiency, complacency and boorish behaviour. Yet last year’s performance was the best for 16 years....
...Reinsurance prices have surged over the past 18 months, squeezing insurers and their customers....
...The reinsurance industry says it cannot currently price the type of localised risk that is pushing up home insurance costs and leading to reduced coverage in states like California....
...A significant factor has been a sharp rise in the cost of property catastrophe reinsurance, or insurance for insurance companies....
...But UK business has been brisk: rising interest rates have transformed funding levels in defined benefit pension schemes and enabled companies to consider offloading future liabilities....
...“There is a lot of cover for the [protection and indemnity] element to address,” said Neal, citing the $3bn of liability reinsurance that the ship has access to through the International Group of P&I Clubs...
...“From our point of view it is a finely balanced renewal,” said David Flandro, head of industry analysis at insurance broker Howden’s reinsurance broking arm....
...from state-owned insurance companies....
...and property catastrophe reinsurance....
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create high-yielding assets for insurance companies....
...When insurance companies cede risk to reinsurers, they heavily scrutinise them either directly or via careful monitoring of their credit rating reports....
...Over the past year, global companies have reduced the amount of property catastrophe reinsurance that they are willing to give to primary insurers and significantly increased its price....
...A-Cap owns five insurers: Sentinel Security Life, Haymarket Insurance and Jazz Reinsurance in Utah, as well as Atlantic Coast Life Insurance and Southern Atlantic Re in South Carolina....
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