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Retrocession rates fell 25 percent at the 1 January renewals as the sector bore the brunt of pressure from an oversupply of reinsurance capital, Guy Carpenter said at a media briefing in London today (6 January).
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Adam Beatty will take on the role of active underwriter for Nephila Capital's Syndicate 2357 at Lloyd's from 1 January, the company announced.
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Early indications suggest that international property catastrophe reinsurance prices will soften by an average of 10-15 percent at the 1 January renewals.
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Lloyd's insurer Catlin is returning to the cat bond market for the first time since 2008 and hopes to raise $175mn of aggregate industry loss-based cover from its new Galileo Re transaction, Trading Risk understands.
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PCS and the Cayman Islands Stock Exchange have collaborated on a new project to trade industry loss warranty products.
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Montpelier Re is seeking to list Blue Capital Reinsurance, a newly formed Bermudian company that will write collateralised reinsurance, in New York and Bermuda.
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Securis Investment Partners has hired former Execution Re partner, Neil Strong, to head up business development in a drive by the fund manager to expand its global investor base.
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DCG Iris Limited, the London-listed ILS fund, made a total return of close to 5 percent in its first year, as a strategic shift out of a softening catastrophe bond market helped offset modest losses from Superstorm Sandy and the 2012 US drought
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Alternative capital inflows of almost $10bn have contributed 37 percent of the growth in global deployed reinsurance capital in the last 18 months, Guy Carpenter vice chairman David Priebe said as the 2013 Monte Carlo Rendez-Vous gets set to open tomorrow morning.
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Lloyd's carrier Brit says it may seek opportunities in the convergence market through its newly launched branch office in Bermuda.
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Lloyd's of London chairman John Nelson has warned that the influx of alternative capital could cause systemic problems in the insurance industry similar to those in the banking sector which sparked the financial crisis.
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Independent (re)insurance broker BMS has appointed former Aon Benfield executive Romulo Braga to lead its new capital markets division BMS Capital Advisory in the US
