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Precedents seen for some Covid-19 business interruption claims

Plaintiff attorneys believe there are a number of legal precedents that could mean insurers end up taking more business interruption claims from the Covid-19 coronavirus pandemic than initially thought, which analysts say suggests a rising risk of the impact being greater than anticipated.As we explained last week, legal actions seeking read the full article →

Legal action to force coronavirus business interruption claims expands

Legal actions and efforts to enable businesses and also insurers to force through claims related to business interruption appear to be expanding, with potentially significant ramifications for some in the reinsurance and insurance-linked securities (ILS) market should any succeed.It largely comes down to contract wording interpretation and the understandable desperation read the full article →

Property cat impact from Covid-19 said limited, but rumours abound

Property catastrophe reinsurance is expected to show limited exposure to the ongoing Covid-19 coronavirus pandemic, given in general an outbreak should not be covered under these treaty's and programs. But rumours abound that attempts to force claims into a range of covers are being seen.Analysts at JMP Securities explained that read the full article →

Pioneer hires Sharpington from BMS for property cat underwriting

Underwriting agency Pioneer Underwriting has hired James Sharpington, formerly of broker BMS, as an Underwriter for its Pioneer CAT property catastrophe team, effective July 2018.The Pioneer CAT team was launched as a new business unit focusing on property catastrophe reinsurance underwriting and while originally aiming to be backed largely by institutional read the full article →

Florida property catastrophe reinsurance rates down 8.5%: JLT Re

Reinsurance broker JLT Re has reported that its property catastrophe rate-on-line index for Florida saw an 8.5% decline at the June 2015 renewals, as year on year pricing pressure continued, although at a more moderated pace.The 8.5% decline on the index, from 164 down to 150 points, is a far read the full article →

Reinsurers pressured by rising capital supply, receding demand: Goldman Sachs

Goldman Sachs analysts have published a cautious outlook for the U.S. property & casualty insurance sector for 2014. The analysts say that momentum is slowing which, with catastrophe losses low and reserves high, shows a narrowing window for outperformance.Of course the market conditions for U.S. P&C insurers will greatly affect read the full article →

Property catastrophe reinsurance price drop filters through in Florida

Last week we wrote that commercial property policy owners in Louisiana were to begin to feel the benefits of cheaper property catastrophe reinsurance as Louisiana Citizens promised to pass on some of its reinsurance savings. Now a major Florida homeowners insurer is planning to do the same.The decline in property read the full article →

Pioneer launches prop cat reinsurance startup with institutional backing

Demonstrating another way that institutional investors and capital markets money can make its way into the reinsurance sector, underwriting agency Pioneer Underwriting is launching a property catastrophe reinsurance startup with the help of backing from a range of investors.Pioneer Cat will begin underwriting this month, according to a statement from read the full article →

Alterra’s New Point IV sidecar nets $30.3m of income in 2012

Global insurance and reinsurance group Alterra Capital announced its fourth-quarter and full-year 2012 results yesterday and gave some insight into the contribution that its collateralized reinsurance and retrocession sidecars bring to the groups income. Alterra had two sidecars in operation in 2012, New Point IV which was formed in 2011 read the full article →

U.S. property & casualty insurers profits tumble in 2011 as catastrophes bite

Figures released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI) clearly show the impact that the severe weather and catastrophes during the first half of 2011 have had on their balance sheets. On average it shows that their net income fell by over read the full article →