Guy Carpenter
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Revenue, country and industry sector drive modelled output divergence.
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The executive joins the company as it looks to bolster its reinsurance capabilities.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.
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GC Securities is the sole structuring agent and sole bookrunner on the deal.
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A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.
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Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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The broker studied the impact of 14 major cyber events in its attempt to dispel ILS manager fears of a ‘double whammy’ cyber event that would also impact financial markets.
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The supply-demand dynamics are all pointing in ILS markets’ favour, so long as hurricane season goes quietly.
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Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
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The reinsurance broker said the losses will fall on the higher end of industry loss ranges.
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Total reinsurance capital will climb to $560bn, ahead of last year but behind the 2021 peak of $570bn.
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Greg McBride joins the firm after nearly 18 months at Mt Logan Re.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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A Guy Carpenter report recently noted that risk models are converging for the most remote risk levels.
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The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The executive will report to president and CEO Dean Klisura.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
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The cat bond market is thought likely to receive an outsized portion of any capital inflows.
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The broker said this was not yet a settled market as work remained underway.
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Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’.
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Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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The rate-on-line index rise is the steepest uplift in 16 years.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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After 26 years the firm’s chairman of UK and global specialties is stepping down.
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Pool Re announced in November that Enoizi was departing after leading the state-backed reinsurer since 2013.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
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The former Willis Re vice president and head of European ILS joins as GC’s London ILS leader Des Potter is set to retire.
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The broker expects ongoing single-digit growth within the ILS market.
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The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.
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James Johns will join the firm from Willis after some years at Talbot, while Josh O’Donoghue was at Aon.
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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.
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Tropical storm activity is expected to be higher than normal in the Atlantic, Caribbean and West Pacific regions.
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The broker predicts a “very active” cyclone season over east Asia but forecasts a slightly smaller number than usual will make landfall.
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The ILS manager’s lead for global life origination departs after six and a half years.
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SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.
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The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.
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Fallout from the 2019 JLT Re integration intensifies after a group including Brad Maltese were earlier reported to be set to join Howden.
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The broker will lead London teams focusing on Europe, as well as the new European Broking Solutions team.
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Private-public partnerships can provide first-step survival financing if not a full solution for all companies.
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The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.
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Trading data showed the market delivered on liquidity in the midst of the pandemic panic.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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A weakening La Nina and warm sea temperatures in the tropics raise the specter of elevated catastrophes for the rest of the year.
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ARPC said the move improves the pool’s capital strength.
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Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say
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Limited new inflows supported the collateralised and sidecar markets as cat bond offerings attracted significant capital.
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The firm comes as part of a planned expansion in that segment of the reinsurance market.
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The former Faraday CEO will work to develop new business and expand the solutions offered in the region.
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The division brings together carriers and MGAs, while providing capital advisory, analysis and modelling support.
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Aon’s former head of international catastrophe management will take up the position next September.
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Magnani became vice president, based in London, in September.
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Having fuelled up on retro to grow, some carriers may need to focus on managing net exposures.
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The broker expects ILS funds will have a more difficult time raising capital next year.
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The new arrival will be an executive committee member and report directly to president and CEO Peter Hearn.
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The change is an early sign that MMC’s raids on Willis are bearing fruit.
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Lara Mowery and John Crichton will also join the committee as global head of distribution and chief information officer, respectively
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The broker also confirms the appointment of James Goodwin as head of power and mining.
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Covid-19 claims could make the year the most expensive on record, the broker warns.
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Lower deployable capacity and looming Covid risks added pressure, the firm said.
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Willis Re’s managing director of UK reinsurance will have a similar role at Guy Carpenter, it is understood.
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But the merger will still create opportunities for rival brokers to claim market share.
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Isosceles Re will run alongside Cerulean Re, which was set up in 2017 to manage private ILS deals.
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Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.
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Recent disasters have tested the idea of catastrophe risk as a short-tail risk.
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A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.
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The firm also added former Aon brokers Robert Johnston and Peter Komposch to the Bermuda office amid the reshuffle.
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