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Trading Risk November 2018

  • More than a dozen Lloyd’s syndicates have pulled back from property direct and facultative (D&F) business either in full or by significantly cutting portfolios, sister publication The Insurance Insider has reported.
  • Reinsurance brokers need to cut costs if they are to survive being disintermediated, industry veteran Ted Blanch told Trading Risk.
  • Bermuda regulators are looking to firm up wordings in the island’s ILS regulations to clarify how liabilities apply during the transition at annual renewals, and whether vehicles can offer collateral clawbacks.
  • Ultra-high-net-worth investors have seeded the launch of Cayman Islands start-up reinsurer Topsail Re, sister publication The Insurance Insider reported.
  • Last year’s catastrophe losses were exactly the kind of disaster event that made it easy for ILS managers and reinsurers to pitch to investors for fresh capital and to succeed in delivering the “great ILS reload” at the year-end of 2017.
  • ILS Capital Management has taken a minority stake in US insurer Producers National, the firm told Trading Risk.
  • A year on from the “great ILS reload” of 2017, there are signs that the market’s capacity could be static or even lower as 2019 begins.
  • Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.
  • The new IFRS 17 accounting standard, which will be mandatory from January 2021, could lead to ILS opportunities in the life sector from as early as the middle of next year, sources said.
  • Third quarter cat bond issuances increase.
  • US homeowners’ insurance business is likely to deliver an after-tax return on equity (RoE) of 5.5 percent in 2018, up from an estimated 4.5 percent in 2017, according to an Aon Reinsurance Solutions report.
  • Reinsurance market sources expected Hurricane Michael to cause insured industry losses of $10bn, but the limited number of public loss estimates released to date suggest Florida insurers are hoping it will remain below this level.
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