Insight and Intelligence on the International (Re)insurance Markets

29 October – 1 November 2018

SIRC 2018 Reinsurers eyeing rate rises in Asia after cat-struck 2018 combination of heavy cat loss the most common loss figure alighted on due to excess global and regional capital, Aexperience in Asia and poor by the market is $7bn, although isolated but because reinsurers were willing to take a underlying profitability looks likely voices are suggesting it could move well differentiated view of their return hurdles. to push reinsurance rates higher at beyond that. The Asian book was not only business that 1 January and 1 April across much of the Owing to the proliferation of aggregate global players could write with relatively region. reinsurance covers, a significant proportion little additional incremental capital, but Asian reinsurance markets at the turn of of the loss will be ceded to reinsurers, with business they were writing as a strategic bet the year were relatively evenly balanced Swiss Re, in particular, very heavily exposed. on the region’s growth potential. with relatively modest firming in some areas However, there have been signs over and signs of softness in certain markets, There is a sense that a the last two renewal periods of a loss of such as China. “significant portion of the patience with this approach, with the But the balance of power between buyers Singapore reinsurance continental reinsurers drawing back from and reinsurers looks set to move following large amounts of proportional business a succession of major catastrophe and risk market will be in a loss as they insist that Asian carriers begin to losses that have hit Asia since June. position for the year absorb more risk. However, with global reinsurance capital ” One underwriting source said: “This region levels at an all-time high, and a past Typhoon Trami, which hit three weeks is no longer seen as a diversifier for Western tendency for reinsurers to privilege growth later, has exacerbated the situation, carriers, so you might see a reduction in over margin in Asia, it remains to be seen impacting back-up underlying aggregate participation from them next year.” whether this early perspective on the covers and taking reinsured losses from renewal season withstands the passage of Japan comfortably into the billions. Size of reaction time. Alongside the impact of Typhoon A range of market sources surveyed by this Mangkhut, the Kerala floods and the impact publication suggested a range of possible Cat loss cluster of risk claims including the Laos Dam loss, outcomes for rate changes at renewal, Asia has had a remarkable period for there is a sense that a meaningful portion of emphasising the lack of clarity at this stage, catastrophe losses, with Japan – the biggest the Singapore reinsurance market will be in but most agreed that rates would overall be mature market in the region – particularly a loss position for the year. in positive territory. severely impacted. The underlying profitability of the market With rates for Japanese wind business After losses from severe flooding in June is also a significant issue, with years of already at depressed levels, there is likely and July that ran into the billions, Japan compound rate reductions that broadly to be a significant response for wind-only was struck by two serious typhoons in came to an end this year taking their toll occurrence layers and aggregate deals, and succession in September. and a significant share of the total premium some uplift on all-peril layers. Typhoon Jebi, the first to hit, and the pot made up of low-margin proportional It remains to be seen if this can be most severe, has surprised on the upside business. leveraged into rate rises on quake excess-of- in terms of claims. After initial expectations For many years, the Asian reinsurance loss and proportional deals given that rates of a low-single-digit billion insured loss, market had a softening dynamic not just CONTINUED ON PAGE 03

04 Criterion targets D&O for MGA 09 Asia prepares for rate rises In association with 05 Lloyd’s regional director search 10 Interview: Heerasing, ACR INSIDE 07 Typhoons to cause 1.4 13 Singapore reinsurance Japan pricing inflection margins recover in 2017

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07336_2_Aon_AD.indd Insurance 2 Insider - 2018 Aon Adverts_Letter_R1.indd 5 8/16/1824/10/2018 10:42 12:19 AM 2015/16 1. COMMENT EVENTS analysis ANALYSIS Mind the gap ou, like me, are probably sick to the General Insurance Association of on the road to recovery. But anyone Ythe back teeth of reading about the Japan. assuming this would translate to a insurance gap. As we know, when repair and rebuild significant narrowing of the insurance gap When calculating insurance spend in costs aren’t picked up by the (re)insurance would be mistaken – the gap has shrunk basis points of GDP, it’s easy for your eyes markets, the burden falls on governments, by just $5bn globally. to glaze over and to park this problem in private businesses and individuals. That’s at a time of rising frequency the “too difficult to solve” box. You don’t have to look back very far and severity in risk events. Last year was A recent report by Lloyd’s and the to see how painful this can be for the one of the costliest on record for natural Centre for Economics and Business country’s economy. disasters. Research on the subject warrants a more In 2016, total economic losses from the (Re)insurers can’t solve the problem detailed look, however, as among its Kumamoto earthquake came to $22bn – alone – policymakers have their part to findings is the fact that Japan is now but only $5bn of that was picked up by play. considered to be underinsured, compared commercial insurers, with the rest taken But it’s imperative that carriers with five years ago. by the government or uninsured. help governments to understand While Japan’s insurance penetration the impact of underinsurance, and rate between 2012 and 2017 has actually Japan is now work with them to develop useful ticked up by 10 basis points to 2.3 percent, “underinsured by $1.9bn, products. the country is now underinsured by That might mean greater collaboration $1.9bn, or 0.3 percent of gross domestic or 0.3 percent of gross between carriers, more public-private product (GDP), thanks to rising levels of domestic premium initiatives, and an increase in adopting forecast catastrophe risk. ” and underwriting emerging risks – all This statistic is particularly stark given That’s tough to stomach for a country of which come with their own risks to the level of natural disasters in Japan this that has consistently seen its GDP shrink companies’ P&Ls. year. for years. But doing nothing isn’t an option. Typhoons Jebi look set to generate Between 2012 and 2017, Japan’s GDP As Lloyd’s concludes, underinsurance more than $10bn in insured losses, while has fallen from $6.2trn to $4.9trn. At helps no-one and harms pretty much floods in June and July were the deadliest $38,430 per capita last year, that still puts everyone. to hit Japan since 1982, generating the company comfortably into the high another $4bn in insured losses, according income bracket, but marks a 20 percent to AIR Worldwide. decline. And then there were the earthquakes – The Lloyd’s report has a more worrying while the Hokkaido quake in September global outlook however. As it noted, caused little insured damage, the in 2012 when it first conducted the Osaka quake on 18 June damaged underinsurance study with CEBR, the Charlie Thomas, hundreds of buildings and was reported world was in recovery from the financial Managing Editor, The Insurance Insider to have caused $770mn in insured crisis. losses by September, according to Since then, most economies are at least [email protected]

…Reinsurers eyeing rate rises in Asia after prospects for any price rises in the Middle cat-struck 2018 Kingdom. Upward pressure CONTINUED FROM PAGE 01 One of the material uncertainties around c Elevated Asian cat loss experience the way that the renewal season will play c Little margin in many areas, loss- here have held up following sharp rises after out is the impact of the burgeoning regional making in some the 2011 Tohoku quake. reinsurance market. c Mentality shift underway with The stance taken by Swiss Re – which While global reinsurers, Bermudians and western reinsurers questioning top absorbed $500mn of Jebi losses – and Lloyd’s writers may be looking to trim books, line focus Munich Re will play a major part in there are a cohort of writers including c Lloyd’s risk appetite may reduce determining the renewals dynamic given Korean Re, GIC Re, China Re, Asia Capital Re the strength of their positions in the market. and Peak Re that are focused on the region. Downward pressure The pricing environment in the Chinese As such, there is a danger that a more c Traditional capital at all-time highs market, where buyers are incredibly cost- disciplined approach from Western carriers c Average to below average global conscious, is another big uncertainty for the will lead not to rate rises but to panel shifts cats forthcoming Asian renewals. in favour of the regional reinsurers. c Reloaded ILS markets supporting The promise of growth has allowed Much will depend upon the willingness global cat market via retro Chinese cedants to drive a harder bargain of price-sensitive cedants to move business c Exposures rising in emerging than other cedants in the region and that has been with reinsurers for many years territories sources tend to be sceptical about the to avoid rate rises.

SIRC 2018 03

3_comment.indd 3 24/10/2018 16:18 NEWS NEWS Criterion targets cyber and D&O for MGA launch ewly launched Singapore MGA “The government here, to be fair, is ahead less well served by the established insurance NCriterion will focus on financial lines of the game and has set up the Cyber industry. Our competitive advantage lies in and cyber in its initial months in an Security Agency of Singapore to keep the specialising within the products we offer attempt to tap into growing appetite for public and business informed of the hazards and leveraging enhanced service standards the coverage. that exist online,” he said. and our underwriting and management The business, which is backed by A- rated “Its message is clear: the main experience. paper from Malaysian personal lines giant responsibility for cyber security lies with the “And, as an MGA, we’re a fixed-cost player, Etiqa, is already white labelling personal user. This is why personal cyber insurance is meaning we’re able to manage costs and cyber cover through Etiqa’s parent company, such a hot topic at the moment. make a margin on smaller sizes of business, Malaysian bank Maybank. “As soon as you open your laptop you’re which is a key premise for the whole MGA And despite the hitherto slow take-up of international, social interaction, banking market.” cyber products in Asia, both former Munich and shopping are all transacted online so MGAs are a relatively rare breed in Re Syndicate Singapore chief Jonathan the vast majority of people are exposed. Singapore due to the complications around Ranger and chief underwriter Shan Sagoo Cyber criminals do not discriminate. It setting up the ventures. believe Singapore is on the cusp of a takes a while for people to buy in to the The structures are not currently regulated growing appetite for the insurance coverage. concept, but I firmly believe in the growing by the Monetary Authority of Singapore “Cyber take-up has been relatively slow momentum of the product when people (MAS), but the MAS does regulate the compared to the US or UK,” admitted Sagoo realise what’s at risk.” third-party agreement between the paper in an interview with this publication. Criterion becomes Singapore’s second-ever providers and the MGA. “In the EU, the interest has been largely MGA, following in the footsteps of Delta, “Technically, it’s easier to set up in Hong driven by GDPR and the onerous fines which was set up by New Zealand carrier Kong, but the ‘blue riband’ in terms of associated with it. In Asia, the regulatory Delta Insurance in July 2017. insurance regulation and jurisprudence is environment is evolving. Originally conceived as a D&O and Singapore and that remains our core focus “Here in Singapore, revisions to the cyber specialist insurer, Ranger and in terms of where we want to be as a base,” Personal Data Protection Act (including his team pivoted to launch the venture said Ranger. the introduction of mandatory breach as an MGA after being attracted to the “We see Criterion as setting a standard, notification) are expected to be tabled in increased flexibility that the platform being a model of how to create a successful Parliament next year. offered. independent MGA: strong financial backing “This, along with the government’s Smart “It’s been a labour of love and we’re combined with underwriting experience Nation initiatives, and recent high-profile tapping into the experience and expertise and respect for the regulatory and data breaches will serve to boost the profile of our insurance personnel to build up compliance environment. of cyber insurance.” a platform that’ll be here for the ages,” “The modern MGA is a well-capitalised, Criterion CEO Ranger added that, as he said. professional concern which provides Singapore was a low-crime area, there was a “Our decision to adopt the MGA model is effective, cost-efficient and diligent common belief that the government could predicated on the belief that we can offer a outsourced underwriting capabilities. handle cyber crime. broad line of products to market segments Criterion embodies all of these points.” Spaan exits AIG as search for regional chief continues udi Spaan, head of country operations sources in the region have confirmed that for the role, but The Insurance Insider Rfor greater China and Australasia and for almost a year, AIG has been seeking to understands his career break had been president and CEO of AIG Insurance Hong recruit a high-level, pan-regional CEO to planned for some time and his departure Kong, is leaving the firm, The Insurance oversee the greater China, Taiwan, Hong and the vacancy for the pan-Asia Pacific role Insider understands. Kong and Singapore offices, but thus far has are not explicitly linked. Spaan has worked at AIG since 1992 and been unable to find a suitable candidate. AIG declined to comment. has held his current role for the past four The search is being driven by Chris Townsend is believed to be close to years. He has worked in the region since Townsend, CEO for international general appointing someone to the role. 1994, when he joined AIG Southeast Asia insurance, who joined the company in A senior broking source added that those as a regional vice president for property October 2017. on the ground were in dire need of a leader, underwriting in Southeast Asia and China. It had been widely rumoured that former given that “strategy appears to change once According to his LinkedIn profile, Spaan Aspen Re CEO Thomas Lillelund had been a week” at AIG. is taking some time out to travel and enjoy lined up to take the role, but the executive “One of the claims team told me that a career break until mid-2019, but several ultimately rejoined AIG as CEO for AIG morale isn’t exactly at its highest at the sources have told this publication that he Europe in August this year. moment,” the broker said, adding that many has left AIG and does not intend to return. Sources have told this publication that of AIG’s staff are in need of clarity about Several headhunting and underwriting Spaan had been interested in running where the company is going in the region.

04 SIRC 2018

4-5_News.indd 4 24/10/2018 16:41 NEWS NEWS

Lloyd’s restarts regional director search after delay loyd’s has reignited its search for a Lloyd’s may hope given the sheer scale of future could also prevent outside candidates Lregional director to lead its planned the job and a lack of clarity over how much from applying, according to several One Asia unit after a series of senior autonomy the director will have from EC3. underwriters. management exits forced a delay in the “The biggest challenge is defining the role,” Even if the role was clearly defined, recruitment. said one senior underwriter. finding a candidate to successfully lead The search for the regional director, “Do they want someone who can lead in such a diverse set of countries could prove a understood to be led by executive search the region, or do they want an envoy that challenge too far. firm Positive Moves, has been ongoing for acts on what London decides should be the Candidates with sufficient political more than six months without success. strategy? Until they define that, they won’t influence in China, long-term relationships Positive Moves was working in tandem fill the role.” in Japan and a grasp of the differences with Lloyd’s chief commercial officer Vincent Executives used to running their own between the facultative-focused Hong Vandendael to find an individual to lead its P&L were also unlikely to warm to a role at Kong market and the more treaty-focused so-called One Asia strategy – an attempt to Lloyd’s where they are “effectively corralling Singapore are thin on the ground. bring its Hong Kong, Greater China and Asia an industry and acting as a cheerleader, Of the existing Lloyd’s leaders in the Pacific operations together, as first revealed rather than running a balance sheet region, only Angela Kelly, Lloyd’s Singapore’s by this publication in May. operation”. country manager, was thought to be a big However, Vandendael’s impending move to Another source suggested new CEO Neal enough name to be considered, according Everest Insurance – along with Inga Beale’s was likely to focus his efforts on the US in to those canvassed. departure as CEO of Lloyd’s – has effectively his first few months in charge, meaning Asia Song-lin Shen leads Greater China forced Lloyd’s to delay the recruitment concerns were likely to take a backseat. following Eric Gau’s retirement, while process. “We hear he’s far keener on expanding Thomas Haddrill and Iain Ferguson lead With new CEO John Neal now in situ, the in the North American market and so the Hong Kong and Japan, respectively, but process is understood to have restarted, with spotlight is likely to move away from Asia,” all three were considered too junior for an ambition to find someone by the end of said the source. the regional director role by sources this this year. “People will sense that and it will put them magazine spoke to. However, sources have suggested that off applying for the role.” Lloyd’s and Positive Moves declined to the process may not run as smoothly as Uncertainty around the wider Lloyd’s comment. JBA-Aspen launch China flood model atastrophe modelling firm JBA has which are approximately three times bigger are taken into account so that heavy Cjoined forces with Aspen Insurance than residential lines. accumulations from Mei-Yu rainfall over the to create what is believed to be the first One of the biggest challenges for course of the summer are captured. fully probabilistic inland flood model for assessing flood risk in China is exposure Two major flooding events have hit the both typhoon and non-typhoon events data resolution, according to JBA. Most region this year: Typhoon Rumbia, which in China. reinsurers receive province-level aggregates, made landfall in Shanghai; and Typhoon Launched on 29 October, the Continental but Aspen and JBA’s model disaggregates Mangkhut, which struck, Hong Kong, Macau China Flood Model covers continental that data, providing a more appropriate and mainland China. China, Hong Kong and Macau, but excludes view of flood risk. Rumbia has been described as causing the the western-most regions of Qinghai, Tibet “Within the model, coordinate-level most serious flooding in mainland China and Xinjiang Uyghur. industrial exposure is matched to industrial- since 1974. Three dams upstream of the Historically, the low level of insurance specific polygons that capture the range Mihe River were forced to release massive penetration in China has limited insured of flood potential across an industrial site’s amounts of water downstream to prevent losses from flood events. As an example, footprint,” said JBA. endangering the lives of millions of people a 2016 Yangtze River flooding event is “This is an important step as industrial living further downstream. estimated to have generated $23bn of sites can be very large and are often Mangkhut, meanwhile, brought strong economic damage, but just $420mn of that concentrated in low-lying regions, such winds and storm surge flooding to was insured, equivalent to 1.8 percent. as the Pearl River Delta, and are therefore Guangdong province, Macau and Hong However, the take-up of flood cover is heavily flood-exposed.” Kong. increasingly providing an opportunity for The model captures both river and flash The damage to infrastructure caused by global reinsurance markets. According to flooding, with river flood, surface water Mangkhut is likely to be more significant JBA, an estimated 1.15 percent of GDP was flood and joint events that are combination than that caused by Hato a year earlier, insured in China as of 2015, an increase of of both included. with damage from fallen trees and broken 37 percent from the 0.84 percent of GDP Events are modelled using a continuous windows approximately three times higher insured in 2009. rainfall simulation, capturing previous than Hato. In addition, the non-life property conditions where prolonged rainfall may Economic losses from Typhoon Hato were insurance market in China is dominated by cause the ground to become saturated. estimated at around $2bn and insured commercial and industrial lines of business, Seasonal changes in event type and severity losses were greater than $300mn.

SIRC 2018 05

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6_TigerRisk_AD.indd 6 23/10/2018 17:02 NEWS

Typhoons to cause 1.4 Japan pricing inflection: Winkel

ndustry-wide losses from Typhoon Jebi “It’s a market that we can’t ignore as it’s price reaction in the overall market. Last Iand other local catastrophes will have a big market, but it’s a difficult [one] to year people were talking about huge rate a significant impact on pricing at the get into.” increases worldwide; in Europe rates were 1 April Japanese renewals, according Agricultural risk in India is one focal point up in the low single digits.” to Liberty Mutual Re president Dieter for the carrier. He was also sceptical about the likelihood Winkel. Winkel said Liberty Mutual Re had also of a surge in demand for aggregate cover Winkel spoke to The Insurance Insider established a working group to develop its after attritional losses eroded the earnings shortly after Swiss Re warned of $500mn cyber offering. of European carriers including RSA and of Jebi losses in the third quarter and The executive also downplayed the Lancashire, both of which have issued estimated industry-wide Jebi damage at prospect of a unified pricing reaction in recent profit warnings. about $6bn. Europe in response to catastrophes in North “I am not so sure that people should “Jebi probably needs to go to more than America, Japan and elsewhere readjust their buying philosophy because of $6bn,” said Winkel. “There’s a bit of time left The executive said the European a certain loss pattern in a given year.” until the 1.4 renewals but I would certainly pricing picture was more disparate, with In July, Liberty Specialty Markets expect there would be a correction in the deductibles varying from country to rebranded its reinsurance division as Liberty Japanese market. country and client to client. Mutual Re. “It’s not going to be a marginal adjustment.” He noted that the fact European Winkel said: “We used to market them He said Liberty Mutual Re was considering windstorm losses typically accumulated separately. how to expand in Asia. only towards the end of the year also made “Syndicate underwriters in London, for “We already write reinsurance in Asia but the rate movement for 1 January hard to example, were seen as Lloyd’s underwriters, we need to take a view of where we can use call. but we’re aiming to demonstrate that we our existing network because we don’t have “I don’t think we live in a world where operate as a single reinsurer for the Liberty people on the ground,” he said. there will be a global [property catastrophe] Group.” Lloyd’s report highlights China’s $76bn insurance gap he gap between expected losses and political elite moves to support policies and European economies such as Italy, where a Tinsurance cover in China stood at markets catering for the country’s emerging small proportion of the country’s economic $76.4bn for 2017, according to a Lloyd’s middle class. output is insured. study. The global underinsurance report issued “The fact that only 12 percent of [recent Research published by Lloyd’s and the by Lloyd’s also highlights a range of other earthquake] losses were insured highlights Centre of Economics and Business Research countries across Asia where economic the underinsurance in southern Europe and (CEBR) published last week showed that growth continues to outstrip insurance represents an opportunity for the insurance the gap – a key measure of underinsurance penetration. industry in the region,” the report said. – was equivalent to 0.6 percent of GDP. India recorded an insurance gap of Commenting on the report, Lloyd’s According to a prior iteration of the report, $27.0bn in 2017, according to the report, chairman Bruce Carnegie-Brown said: China recorded an insurance gap of $79.6bn, while Indonesia had a gap of $14.6bn for “The insurance sector wants to work with indicating only a modest improvement of the year. government to help people understand the $3.2bn between 2012 and 2017. The countries have the second- and third- insurance products that are available and to Meanwhile, World Bank data shows that, highest levels of absolute underinsurance provide improved access to those products. between 2012 and 2017, the country’s but are respectively the seventh- and Together we can help tackle the crippling GDP increased in size by nearly 45 percent, 17th-largest economies in the world, underinsurance crisis and give people in hitting $12.2trn in 2017. according to the International Monetary the world’s most exposed economies the China’s economic boom is part of an Fund. security they so desperately need.” astonishing growth trajectory that has seen “The combination of high GDP at risk The report described four products the country’s GDP jump from $1.2trn to and a newly emerging culture of insurance it suggested could help reduce $12.2trn between 2000 and 2017. adoption means these countries rank highly underinsurance. The report also showed that 98 percent in absolute losses. Daniel Stander, global managing director of natural catastrophe losses in the country “India suffers, as its neighbour Bangladesh at RMS, said: “The four products have been had been uncovered by insurance between does, from flooding and earthquakes in designed with this in mind. 2004 and 2017, including a $125bn the north around the Himalayas, but with "The objective is twofold: to reduce the economic loss from the 2008 Sichuan a far more developed economy, it has initial costs of building resiliently and to earthquake. significantly more GDP potentially at risk in finance the residual risk. In this way, the Nevertheless, insurance penetration in the absolute terms,” the report said. benefits of insurance can be enjoyed by country has gradually increased as China’s The report from Lloyd’s also highlighted those who need it most.”

SIRC 2018 07

7_News.indd 7 24/10/2018 15:23 At the heart of the world’s financial capital

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Asian market prepares for rate increases run of significant cat losses in 2018 Biggest Japanese typhoons Q3 losses from typhoons and the Osaka could lead to rate increases being earthquake, after reinsurance recoveries, A Name Date Insured loss estimate demanded of some Asian cedants, were around $338mn. according to sources. Jebi Sep-18 $7bn MS&AD said in its most recent quarterly This year has been eventful for typhoons, Mireille Sep-91 $6bn results that it sustained $590mn in losses earthquakes and flooding, particularly in Songda Aug-04 $4.7bn from the Japanese flooding in late June and Japan but also in China and the Philippines, early July, while for Tokio Marine, flood losses Trami Sep-18 $4bn with losses expected to affect global were $444mn, according to a statement it reinsurers’ third- and fourth-quarter Bart Sep-99 $3.5bn made in August. profitability. Vicky and Waldo Aug-98 $1.6bn There are already clear signs that Asian The largest insured losses this year have Tokage Aug-04 $1.3bn losses have had a meaningful impact on been in Japan, which has been struck by reinsurers’ profitability. Chaba Sep-04 $1.2bn 10 typhoons this season as well as two Both Lancashire and RSA have issued moderate earthquakes and record flooding. Shanshan Sep-06 $1.2bn profit warnings for Q3. UBS has warned that The floods in western Japan in late June Roke Sep-11 $1.2bn losses in Asia as well as US events such as and early July – the deadliest in the country Saomi Sep-06 $1.1bn hurricanes Michael and Florence could erode since 1982 – are estimated to have caused more than 50 percent of European reinsurers’ Hato Aug-18 $1.1bn up to $4bn in insured losses, according to fourth-quarter catastrophe budgets. AIR Worldwide. Source: Munich Re, Swiss Re, The Insurance Insider Sources said the run of storms would The most significant event for Japanese have an impact on reinsurers’ behaviour insureds so far this year has been Typhoon There are already clear at the key renewal in April next year. One Jebi, which struck on 4 September and has “signs that Asian losses have source said margins in Japan were already caused around $7bn in insured losses so far, “wafer thin” and that in recent years, markets according to market sources. had a meaningful impact on underwriting Japanese risk had become As The Insurance Insider reported in reinsurers’ profitability “complacent” on pricing because the country October, Jebi ate through the first layers of ” had not been significantly affected by storms occurrence reinsurance covers and in some from the storm would at least equal the since 2004. cases the second and third. As the sixth $6.8bn from 2017’s Hato. A source added that across the Asia Pacific typhoon to hit the country in 2018, Jebi also The insured loss estimate, however, did not region, 2018’s nat cats would spur markets wiped out many aggregate covers. include any losses in the Philippines. It also to look at whether they were adequately Typhoon Trami, which struck later on excluded losses from storm surge in Macau remunerated for the risk they carry. in September, is believed to have caused and mainland China, and auto and business In particular, sources said reinsurers would losses worth around 50-60 percent of those interruption losses in mainland China, look to differentiate more strictly between arising from Jebi, hitting the first layers of implying that the true figure will be greater. cedants on pricing according to both actual occurrence covers. The detail of individual reinsurers’ losses loss experience and loss exposures. It is understood that some Japanese arising from these storms has started to Hannover Re, for instance, has already said cedants purchased back-up aggregate emerge. On a conference call in October, publicly that it would seek more rate from covers after Jebi, but because these Sompo group chief information officer Japanese cedants on aggregate covers as a protections attached at fairly low limits and Masahiro Hamada said the company’s result of this year’s events. were bought as sub-layers with no maximum event caps, they could be triggered by a first Asian natural catastrophe events 2018 event. Trami, therefore, left many of these Events Date Region Loss estimate “toasted”, sources said. Earthquakes also hit Japan this year. While Tropical Storm Ewiniar 02-Jun China $573mn (economic) the Hokkaido quake in September caused Typhoon Prapiroon 28-Jun Japan $1.65bn (economic) little insured damage, the Osaka quake on Tropical Storm Ampil 17-Jul China $175.2mn (economic) 18 June damaged hundreds of buildings Typhoon Jongdari 23-Jul Japan Up to $2bn (insured) and was reported to have caused $770mn in insured losses by September, according to Tropical Storm Yagi 01-Aug China $55.5mn (economic) the General Insurance Association of Japan. Tropical Storm Bebinca 09-Aug China/Vietnam $265.4mn (economic) China too has experienced significant Tropical Storm Leepi 10-Aug Japan Unknown loss events during this typhoon season. Tropical Storm Soulik 23-Aug China Up to $2bn (insured) Typhoon Mangkhut hit mainland China, Hong Kong and Macau in September. Typhoon Jebi 04-Sep Japan $7bn (insured) Risk modelling firm AIR estimated insured Typhoon Mangkhut 14-Sep China, Philippines, Taiwan, Hong Kong, Macau Up to $2bn (insured) losses from Mangkhut would come to Typhoon Trami 20-Sep Japan $3bn (insured) between $1bn and $2bn. Both AIR and Source: Industry estimates RMS estimated economic losses arising

SIRC 2018 09

9_Asia property cat.indd 9 24/10/2018 12:16 INTERVIEW INTERVIEW

Asian growth-first mentality could be coming to an end Asia Capital Re CEO Bobby Heerasing talks to The Insurance Insider about the challenges of the Asia Pacific market and repositioning his own firm

einsurers in Asia are starting to call Does the Asia Pacific great infrastructure, but we are just not Rinto question the model of sacrificing “ seeing the return. returns for growth – a paradigm that has strategy still hold true and “So even the established reinsurers are been dominant in the region for 10-15 is it fit for purpose? We really looking hard at their model, really years – according to Asia Capital Re (ACR) are incurring significant looking hard at whether they can justify CEO Bobby Heerasing. having these portfolios with lots of top line With growth in developed markets expenses, we’ve built up but little margin – so they can say, ‘Yes, we like North America and Europe modest, great infrastructure, but have an Asian strategy’.” global reinsurers have tended to take a we are just not seeing Heerasing says the mentality shift partially differentiated approach towards growth the return reflects the changes the global reinsurance markets like Asia, often perceiving them ” market has seen in recent years, with the as strategically important and prioritising advent of ILS money significantly reducing building up a market presence and available margin from cat business in the franchise over securing margin. US and Europe. They have also been willing to cross- The executive says one of the issues has subsidise underperformance using profits also been the form that the growth has from their other portfolios. taken. In addition, the competitive landscape has There has been an expectation for years been shaped by the presence of a cohort of that with rapidly expanding exposures to regional players writing in their domestic both wind and earthquake risk, Chinese markets – ACR amongst them. insurers would look to increase the amount Heerasing says the days of this paradigm of catastrophe excess-of-loss cover that may be drawing to their close. they purchase. “In the past you could talk about growth This would give reinsurers access to versus profitability. But capital providers higher-margin business and help to are becoming less patient and less willing balance peak catastrophe exposures like to accept that trade off – that they are Florida wind and California earthquake. building something for the future and that Heerasing says that to date this has not there is a certain amount of pain they will happened, with the multi-billion- have to accept in the short term,” he dollar cat reinsurance programmes said. predicted for Chinese cedants Instead, Asian business is being not yet in place, and a similar judged in the way that a business phenomenon in the Indian portfolio would be judged market. elsewhere. “There has been no “People are really looking at the correlation between rising fundamentals of the exposures aggregates and the PMLs they are taking on,” he argues. [probable maximum losses] people are buying Fit for purpose? [reinsurance] to,” he says. At a certain point, growth that As much as 65 percent of does not hit return hurdles the Chinese market is still can no longer be justified, focused on motor business, and boards are now asking which is ceded to reinsurers difficult questions of on a proportional basis at management teams. competitive rates. “[People ask] does the Asia Pacific strategy still hold Red ink true and is it fit for purpose? Alongside the shifting approach to We are incurring significant growth, which he thinks is impacting expenses, we’ve built up the Asian reinsurance market quite

SIRC 2018 10 SIRC 2018

10-11_ACR interview.indd 10 24/10/2018 16:24 INTERVIEW INTERVIEW

broadly, Heerasing says there are signs of Rebalancing ACR be a “slow and steady” build and again stress which should make it difficult for Heerasing joined ACR as deputy CEO and returns to the point that this initiative will cedants to drive down pricing. anointed successor to Hans-Peter Gerhardt put the business in a better position to “What you see in the international in June 2017, before taking on the top job reinsure Asian cedants. markets and in Lloyd’s in particular – Asia last autumn. “We are absolutely not going to forget our Pacific is certainly not immune from that,” His prior experience includes Asian roots – we absolutely are not going he points out. appointments as chief underwriting officer to leave our Asian customers and run off to “There are similar pressures on bottom for Catlin’s Asia Pacific segment and head of Europe and North America. line, similar pressure on expenses, similar Singapore at the global (re)insurer. "We will write it selectively via the global pressures on relevance and distribution for The executive has been tasked with wholesale brokers, and we will continue to all of the Asian carriers.” stabilising ACR after its agreed sale to look after our Asian customers extremely And those pressures have been Chinese financial bidders Shenzhen well.” exacerbated by a year that has swung from Qianhai Financial Holdings and Shenzhen As well as the geographic mix of ACR’s benign to active for claims. Investment Holdings was pulled amid book, Heerasing wants to see the business There was very little in the way of major regulatory delays. mix change. loss experience in the first six months of the Currently ACR writes roughly 80 percent year, but a succession of catastrophe and We feel the need for ACR treaty lines and 20 percent in facultative risk losses have hit the region since. “to be an Asian reinsurer at lines. Heerasing wants to get the business The biggest of those was Typhoon Jebi, to a 50:50 mix over the next few years. which made landfall in Japan in early its core – but with a global To prepare the business for this business- September as the equivalent of a Category portfolio of business mix shift, Heerasing has changed the 3 hurricane. ” structure. On the departure of group Early indications suggested a $2bn-$3bn In talking about ACR’s strategy, Heerasing CUO Hans-Joachim Guenther at the end loss, but the claims picture deteriorated stresses that he wants to build on the firm’s of his contract, the CEO appointed two rapidly and this publication reported earlier existing strengths, but points to two key CUOs. in the month that the market was now initiatives. XL Catlin alumnus Soeren Soltysiak has bracing itself for an insured loss of upwards The first is the addition of a book of been named chief underwriting officer of $7bn, with a significant proportion of the international business to balance the for treaty and Ronnie Tong – a managing loss reinsured. existing Asian book. The second also turns director at Axa Singapore – is set to join as Typhoon Trami, which struck Japan on the idea of balance: namely, a change of chief underwriting officer for facultative in late September, could lead to a further portfolio mix in the direction of facultative and specialty. $2bn-$4bn of losses, according to and specialty lines. “We still see large parts of the facultative market sources. And mid-September’s Heerasing says that serving its existing and specialty book where there is margin Typhoon Mangkhut could inflict another client base is at the root of the strategy of that would make sense to us,” he says. $1bn-$2bn of claims spread across the building an international book of business. “We think you can write a successful Philippines, Hong Kong, Macau and Having a global capability will allow ACR facultative and specialty book cross-cycle mainland China. to support Asian clients that are growing on if you can demonstrate a value proposition.” Alongside flooding in Japan in June and a worldwide basis, he says. Given the state of rates in Asia Pacific, the July, flooding in Kerala and a major risk “But it will also allow us to build up key phrase here for now may be loss relating to a dam in Laos, the events more resilience and diversification in our cross-cycle. But Heerasing has clearly set amount to an above-average loss year. portfolio,” he continues. out the direction of travel for ACR and it is Heerasing says the losses will “put stress “We feel the need for ACR to be an Asian towards a more balanced business – both on portfolios where there was little margin reinsurer at its core – but with a global geographically and in terms of business in the first place”. portfolio of business.” mix. “I imagine it will push quite a lot of people A more balanced portfolio should into red territory for the financial year,” the improve the firm’s return profile and capital executive continues. efficiency over time, as it looks to gradually Heerasing career highlights Heerasing adds that the underlying state build a non-Asian premium base. of the market and the losses point towards The firm has put no hard targets in place, 2017 – present: ACR – first joined as the potential for changing conditions. but Heerasing says that he expects the new deputy CEO, then became acting CEO; “There is still capacity, but the capacity is book of business to still be less than 20 appointed CEO in October 2017 becoming more discerning,” he says. “We percent of the overall book even after three have seen that already in 2018 and we will years. 2015 – 2016: XL Catlin – last held see that correction even more in 2019.” To achieve that, initially without overseas role was regional underwriting and He predicts some reinsurers will “rejig” infrastructure, Heerasing acknowledges distribution director, Asia Pacific their portfolios and scale back their risk that the company will have to work hard. insurance appetite in certain areas. “I think it will be “The onus is on us to get out there increasingly difficult to justify some of the and build our brand and the client 1999 – 2015: Catlin – last held roles commission ratios on some of the treaties understanding of what we are,” he were chief underwriting officer, Asia where they have been consistently loss- says. Pacific; and principal officer, Singapore making.” Heerasing stresses, though, that this will

SIRC 2018 11

10-11_ACR interview.indd 11 24/10/2018 16:24 Rated A/Excellent by A.M. Best

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12_LumenRe_AD.inddLumen Re_ad.indd 1 12 23/10/201829/08/2018 17:03 15:17 Combined ratios down on average

250% Combined ratios2016 down 2017 on average 250%200% 2016 2017 200%150% 88.4% 87.7% 83.5%

150% 82.0%

100% 78.3% 79.6% 67.6% 62.7% 63.6% 62.6% 60.4% 58.1% 54.6% 88.4% 87.7% 83.5% 82.0% Combined ratio 100%50% 78.3% 79.6% 67.6% 62.7% 63.6% 62.6% 60.4% 58.1% 9.8% 54.6%

Combined ratio 50%0% 9.8%

0% Sirius IAG Re Gen Re Toa Re Allianz Milli Re Swiss Re Korean Re Validus Re Munich Re SiriusEverest ReEnduranceOdysseyRe IAG Re Gen Re Toa Re Allianz Milli Re Swiss Re Peer average* Munich Re Everest ReEnduranceOdysseyReKorean Re Validus Re *2017 weighted peer average excludes IAG Re. 2016 weighted average excludes Mapfre Re, ChinaPeer Re and average* Qatar Re Source: Monetary Authority of Singapore, The Insurance Insider ANALYSIS *2017 weighted peer average excludes IAG Re. 2016 weighted average excludes Mapfre Re, China Re and Qatar Re Source: Monetary Authority of Singapore, The Insurance Insider Singaporean reinsurers’ combined ratios SingaporeSingaporean reinsurance reinsurers’ combined ratios underwriting 250% 2016 2017

250%200% 2016 2017 199.7% 168.5% 157.2% margins recover in 2017 199.7% 200%150% 168.5% 119.5% 112.9% 110.0% 111.0% 157.2% 97.6% 98.4% einsurance operations in Singapore96.4% There were no new entrants to the peers – has been affected by the year’s 90.5% 91.6% 150%100% 90.0% 119.5% 112.9% improved in 2017, as the weighted reinsurance110.0% 111.0% market in Singapore in 2017 unprecedented string of disasters.” 97.6% 98.4% 96.4% 90.5% 91.6% R 90.0% averageCombined ratio 100%50% combined ratio strengthened by according to data from the MAS. However, He added: “This has resulted in a bottom-

9.4 Combined ratio percentage50%0% points to 87.7 percent, as of July 2018, Qatar Re has shuttered its line loss commensurate with the severity of according0% to data from the Monetary business in The Lion City after facing a set of the industry experience for 2017.” Aspen Scor Re RenRe AuthorityTransRe of Singapore (MAS). challengingChina Re circumstances.Qatar Re Qatar Re has also suffered from the Mapfre Re DaVinci Re XL Bermuda Individual reinsurers’Aspen SingaporeanSingapore Re QatarScor Re Re only receivedSamsung Re itsRenRe branch office diplomatic crisis in the Gulf after Saudi TransRe Partner ReAsia Asia Capital Re China Re Qatar Re Combined ratios down on average platforms reported mixed results in 2017, Mapfre Relicence from the MAS in OctoberDaVinci 2016. Re Arabia and its neighbours imposed a land, XL BermudaSingapore Re Samsung Re however,Source: Monetary with Authority seven of out Singapore, of 26Partner The firms Insurance ReAsia Asia Capitalposting Insider Re After 250%a short-lived period of operating 2016sea 2017 and air blockade on Qatar in June 2017. anSource: underwriting Monetary Authority loss. of ThisSingapore, was The a Insurance slight Insider in Singapore,200% the company exited the improvement from 2016, Lloyd’swhere 12 firmsAsia: – combinedSingapore ratio market after its parent – Qatar Winners and losers 150% nearly 50 percent – reportedLloyd’s underwriting Asia: combinedInsurance ratio Company – suffered a 60 percent DaVinci Re fell to the bottom of the list as 88.4% 87.7% 83.5%

Lloyd’s Asia Scheme Lloyd’s of London 82.0% losses120% for operations in Singapore. decrease100% in net profits for 2017.114.0% its combined78.3% ratio 79.6% swelled to 199.7 percent 67.6% 62.7% 63.6% 62.6% 60.4% 58.1% The spread between the market’sLloyd’s98.3% Asia best Scheme and Lloyd’sThe series of London of catastrophes97.9% 54.6% that the industry for its operations in 2017. DaVinci Re, which 120%100% 91.7% Combined ratio 50% 114.0% 86.0% 86.8% 88.4% 90.0% 90.1% 83.9% 9.8% worst performers with active98.3% operations in suffered during97.9% 2017 drove the reduction is a RenaissanceRe vehicle, has experienced 100%80% 91.7% 90.0% 0% 90.1% 2016 and 201786.0% improved86.8% by 40.5 percentage88.4% in net profits83.9% and the departure of Qatar Re much combined ratio volatility over the years 80%60% points, bringing the combined ratio gap from Singapore. Siriusin Singapore as a catastrophe specialist. IAG Re Gen Re Toa Re Allianz Milli Re between the top and the bottom down to Qatar Re CEO GuntherSwiss Saake Re said in the 60%40% In 2015, its combinedKorean Re ratio was 108.0 Combined ratio Munich Re Everest ReEnduranceOdysseyRe Validus Re 145.1 percentage points. Although this is still company’s latest annual report: “With the percent, which fell to 14.4 percent for 2016. 40%20% Peer average* Combined ratio a high figure, it shows some improvement. increased*2017 weighted depth peer andaverage global excludes spread IAG Re. 2016 of weightedour averageRenaissanceRe’s excludes Mapfre Re, China Singapore Re and Qatar Rearm was next 20%0% Source: Monetary Authority of Singapore, The Insurance Insider In terms of operating2013 profits, 201411 reinsurers 2015reinsurance portfolio,2016 it is not2017 surprising in line as its combined ratio deteriorated outSource: of 260% Monetary reported Authority losses of Singapore, for SingaporeThe Insurance Insider that Qatar Re – like many, if not all, of its CONTINUED ON PAGE 15 business during2013 the year compared2014 to 10 for 2015 2016 2017 Source: Monetary Authority of Singapore, The Insurance Insider the previous year. SingaporeanSingaporean reinsurers’ combinedreinsurers’ ratios combined ratios

ReinsuranceReinsurance premiums premiums of of 250% 2016 2017 200% 199.7%

SingaporeReinsurance Insurance premiums Funds of 168.5%

Singapore Insurance Funds 157.2% Singapore Insurance Funds 150% 119.5% 112.9% 3% 3% 110.0% 111.0% 97.6% 98.4% 96.4% 90.5% 91.6% 100% 90.0% Fire 4%3% 3%

Miscellaneous Combined ratio 7% Fire 50% 4% Motor 33% Miscellaneous 7% Hull & liability 0% 33% Motor Cargo Hull & liability 22% Personal accident Aspen Scor Re RenRe Cargo TransRe China Re Qatar Re Work injury Mapfre Re DaVinci Re 22% Personal accident XL BermudaSingapore Re Samsung Re compensation Asia Capital Re 28% Partner Re Asia WorkHealth injury compensation Source: Monetary Authority of Singapore, The Insurance Insider 28% Health Source: Monetary Authority of Singapore, The Insurance Insider Source: Monetary Authority of Singapore, The Insurance Insider Lloyd’s Asia: combined ratio Combined ratiosCombined down on ratios average down – top-half on average performers Reinsurance premiums of 120% Lloyd’s Asia Scheme Lloyd’s of London 114.0% Reinsurance premiums of 250% 2016 2017 ReinsuranceO shore Insurance premiums Funds of 98.3% 97.9% 100% 91.7% 86.0% 86.8% 88.4% 90.0% 90.1% OffshoreO shore2% InsuranceInsurance Funds 200% 83.9% 80% 5%2% 150% 60% 88.4% 87.7% 83.5%

5% 82.0%

100% 78.3% 79.6%

Property 67.6% 62.7% 63.6% 62.6% 60.4% 58.1%

40% 54.6% 24% Combined ratio PropertyCasualty & others Combined ratio 50%

20% 9.8% 24% CasualtyHull & liability & others 0% 0% 69% 2013 2014 2015 2016 2017 HullCargo & liability Sirius IAG Re Gen Re Toa Re Allianz Milli Re 69% Source: Monetary Authority ofSwiss Singapore, Re The Insurance Insider Cargo Munich Re Everest ReEnduranceOdysseyReKorean Re Validus Re Peer average* Source: Monetary Authority of Singapore, The Insurance Insider *2017 weighted peer average excludes IAG Re. 2016 weighted average excludes Mapfre Re, China Re and Qatar Re Source: Monetary Authority of Singapore, The Insurance Insider Source: Monetary Authority of Singapore, The Insurance Insider Lloyd’s Asia: topReinsurance line premiums of 700 Lloyd’s Asia: topSingapore line Singaporean Insurance+6.6% Funds reinsurers’ combined ratios +6.6% SIRC 7006002018 13 617.23% 618.9 3% 580.5 600500 575.0 250% 2016 2017 537.7 617.2 618.9Fire 488.4 475.4 575.0 4% 580.5 199.7% 500400 537.7 200% Miscellaneous

13-15_Analysis MAS numbers.indd 13 7% 168.5% 24/10/2018 13:17 488.4 475.4 33% Motor 157.2% 400300 150%

Hull & liability 119.5% 112.9% 110.0% 111.0% 97.6% 98.4% 96.4% 90.5% 91.6% 300200 100% 90.0% Cargo 22% Personal accident

200100 Combined ratio 50% Work injury Gross written premium ($mn) 100 compensation 0 0% 28% Gross written premium ($mn) 2011 2012 2013 2014 2015 2016 2017Health Source:0 Monetary Authority of Singapore, The Insurance Insider 2011 2012 2013 2014 2015Aspen 2016 2017 Scor Re RenRe Source: MonetaryTransRe Authority of Singapore, The Insurance Insider China Re Qatar Re Source: Monetary Authority of Singapore, The Insurance Insider Mapfre Re DaVinci Re XL BermudaSingapore Re Samsung Re Lloyd’s Asia: expense ratio Partner ReAsia Asia Capital Re Lloyd’s Asia: expense ratio Source: Monetary Authority of Singapore, The Insurance Insider 60% Lloyd’s Asia Scheme Reinsurance premiums of 55% 54.0% 60% Lloyd’sLloyd’s Asiaof London Scheme O shore Insurance Funds 50% 54.0% Lloyd’s Asia: combined ratio 55% Lloyd’s of London 45% 2% 50% 40.6% 39.5% 5% Lloyd’s Asia Scheme Lloyd’s of London 45%40% 120% 114.0% 35.6% 40.6% 39.5% 98.3% 97.9% 40%35% 38.6% 100% 91.7% 35.6% 35.6% 86.0% 86.8% Property88.4% 90.0% 90.1% Combined ratio 30% 83.9% 35% 38.6% 24%80% 35.6% Casualty & others Combined ratio 30%25% 60% 25%20% Hull & liability 2012 2013 2014 2015 2016 2017 2011 40% 69% Source:20% Monetary Authority of Singapore, The Insurance Insider Combined ratio Cargo 2011 2012 2013 2014 2015 2016 2017 20% Source: Monetary Authority of Singapore, The Insurance Insider 0% Source: Monetary Authority2013 of Singapore, The 2014Insurance Insider 2015 2016 2017 Source: Monetary Authority of Singapore, The Insurance Insider Lloyd’s Asia: top line 700 +6.6% 600 Reinsurance premiums of 617.2 618.9 575.0 580.5 Singapore500 Insurance Funds537.7 488.4 400 475.4 3% 3% 300 Fire 4% Miscellaneous 7%200 33% Motor 100 Hull & liability Gross written premium ($mn) 0 Cargo 22% 2011 2012Personal 2013 accident 2014 2015 2016 2017 Source: Monetary Authority of Singapore, TheWork Insurance injury Insider compensation 28% Lloyd’s Asia: expenseHealth ratio Source: Monetary Authority of Singapore, The Insurance Insider 60% Lloyd’s Asia Scheme 54.0% 55% Lloyd’s of London Reinsurance50% premiums of 45% 40.6% O shore Insurance Funds39.5% 40% 35.6%2% 35% 38.6% 35.6% Combined ratio 30% 5% 25% Property 24%20% 2011 2012 2013 2014 2015Casualty 2016 & others 2017 Source: Monetary Authority of Singapore, TheHull Insurance & liability Insider 69% Cargo

Source: Monetary Authority of Singapore, The Insurance Insider

Lloyd’s Asia: top line 700 +6.6% 600 617.2 618.9 575.0 580.5 500 537.7 488.4 400 475.4 300 200 100 Gross written premium ($mn) 0 2011 2012 2013 2014 2015 2016 2017 Source: Monetary Authority of Singapore, The Insurance Insider

Lloyd’s Asia: expense ratio

60% Lloyd’s Asia Scheme 54.0% 55% Lloyd’s of London 50% 45% 40.6% 39.5% 40% 35.6% 35% 38.6% 35.6% Combined ratio 30% 25% 20% 2011 2012 2013 2014 2015 2016 2017 Source: Monetary Authority of Singapore, The Insurance Insider ANALYSIS

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13-15_Analysis MAS numbers.indd 14 24/10/2018 13:17 Combined ratios down on average

250% 2016 2017 200% 150% 88.4% 87.7% 83.5% 82.0%

100% 78.3% 79.6% 67.6% 62.7% 63.6% 62.6% 60.4% 58.1% 54.6%

Combined ratio 50% 9.8% 0%

Sirius IAG Re Gen Re Toa Re Allianz Milli Re Swiss Re Munich Re Everest ReEnduranceOdysseyReKorean Re Validus Re Peer average* *2017 weighted peer average excludes IAG Re. 2016 weighted average excludes Mapfre Re, China Re and Qatar Re Source: Monetary Authority of Singapore, The Insurance Insider

Singaporean reinsurers’ combined ratios

250% 2016 2017

200% 199.7% 168.5% 157.2% 150% 119.5% 112.9% 110.0% 111.0% 97.6% 98.4% 96.4% 90.5% 91.6% 100% 90.0%

Combined ratio 50% 0%

Aspen Scor Re RenRe TransRe China Re Qatar Re Mapfre Re DaVinci Re XL BermudaSingapore Re Samsung Re Partner ReAsia Asia Capital Re

Source: Monetary Authority of Singapore, The Insurance Insider

Lloyd’s Asia: combined ratio

120% Lloyd’s Asia Scheme Lloyd’s of London 114.0% 98.3% 97.9% 100% 91.7% 90.0% 90.1% 86.0% 86.8% 88.4% 83.9% 80% 60% 40% Combined ratio 20% 0% Combined ratios down on average 2013 2014 2015 2016 2017 Source: Monetary250% Authority of Singapore, The Insurance Insider 2016 2017 200% 150% 88.4% 87.7% 83.5% 82.0% Reinsurance100% premiums of 78.3% 79.6% 67.6% 62.7% 63.6% 62.6% 60.4% 58.1% 54.6%

SingaporeCombined ratio 50% Insurance Funds 9.8% 0% 3% 3%

Fire Sirius 4% IAG Re Gen Re Toa Re Allianz Milli Re Swiss ReMiscellaneous 7% Munich Re Everest Re Korean Re Validus Re Motor EnduranceOdysseyRe 33% Peer average* Hull & liability *2017 weighted peer average excludesCargo IAG Re. 2016 weighted average excludes Mapfre Re, China Re and Qatar Re Source: Monetary Authority of Singapore, The Insurance Insider 22% Personal accident Work injury compensation 28% SingaporeanHealth reinsurers’ combined ratios

Source: Monetary Authority of Singapore, The Insurance Insider 250% 2016 2017

200% 199.7% 168.5% Reinsurance premiums of 157.2% 150% 119.5% 112.9% 110.0% 111.0% 97.6% 98.4%

O shore Insurance Funds96.4% 90.5% 91.6% 100% 90.0% 2%

Combined ratio 50% 5% 0% Property 24% Aspen Casualty & others Scor Re RenRe TransRe China Re Qatar Re Mapfre Re DaVinci Re XL BermudaSingaporeHull & Reliability Samsung Re Partner ReAsia Asia Capital Re 69% ANALYSIS Source: Monetary Authority of Singapore,Cargo The Insurance Insider Combined ratios down on average 250% Source: Monetary Authority of Singapore, Lloyd’sThe Insurance Insider Asia:2016 combined 2017 ratio CONTINUED FROM PAGE 13 However, GWP for this line of business has platform grew by 3.6 percent to S$222.5mn 200% diminished by 15.2 percent year on year to during 2017 while reinsurance premiums 120% Lloyd’s Asia Scheme Lloyd’s of London 114.0% by 11.2 percentage points to 168.5 percent S$3.1bn.150% Meanwhile, casualty Lloyd’sbusiness has Asia: topgrew line by 7.7 percent to reach S$631.7. The 98.3% 97.9%+6.6% 700100% 88.4% 91.7% 90.0% 90.1% 88.4% in 2017. It has been among the worst increased by 19.286.0% percent86.8% from 2016 to 2017 majority of the growth in the reinsurance87.7% 83.5% 83.9% 82.0% 100% 78.3% 79.6% 67.6% 62.7% 63.6% 62.6% 60.4% 58.1% performers for the fourth consecutive year. to S$1.1bn.600 80% 54.6% space came from offshore business, which

Combined ratio 50% 617.2 618.9 The branch suffered even higher losses 575.0represents 95.2 percent580.5 of all reinsurance 500 60% 9.8% 537.7 in 2017 as its loss ratio ballooned to 145.5 Lloyd’s0% Asia premiums. 40%488.4 475.4 percent from 109.7 percent in 2016. DaVinci Premiums400Combined ratio returned to growth in 2017 for In underwriting performance, Lloyd’s Asia’s Sirius WE GO FURTHER Re was the only other platform that had a Lloyd’s Asia,20%IAG the Re Corporation’sGen Re Toa Singapore Re Allianz combined ratio worsened by 6.2 percentageMilli Re 300 Swiss Re higher loss ratio in 2017: 179.6 percent. platform. After a 6.0 percent slumpMunich in Re pointsEverest ReEndurance in 2017OdysseyRe to Korean90.1 Repercent.Validus Re 200 0% On the other side of the spectrum was IAG GWP during 2016, 2013Lloyd’s Asia achieved2014 a But2015 this is the second2016Peer yearaverage* running2017 that FOR OUR CLIENTS Re’s Singapore branch as its combined ratio 6.6*2017 percentSource:100 weighted Monetary growth peer Authority average in its excludesof Singapore,top lineIAG Re.The to 2016 Insurance reach weighted Insider averagethe excludes Lloyd’s Mapfre Singaporean Re, China Re and operation Qatar Re has Source: Monetary Authority of Singapore, The Insurance Insider Gross written premium ($mn) dropped from 139.1 percent in 2016 to just S$8542mn0 or $618.9mn. outperformed its London result in terms of 9.8 percent in 2017. The branch’s net claims Direct premiums2011 for the 2012 Singapore 2013 2014underwriting 2015 margins. 2016 Lloyd’s 2017 of London Source: Monetary Authority of Singapore, The Insurance Insider incurred for 2017 was negative, suggesting Singaporean reinsurers’reported combined a 114.0 percent ratios combined ratio for a release of reserves during the year. Reinsurance premiums of 2017. Next was General Re’s Singapore platform, Lloyd’sLloyd’s Asia: Asia: expense expense ratioratio The London market has been tackling a which in 2016 was the worst performer Singapore250% Insurance Funds2016 growing 2017 expense ratio over the years and 60% Lloyd’s Asia Scheme 199.7% of the peer group with a 200.0 percent 200%54.0% catastrophes in 2017 ran up big losses for

55% 3% 168.5% combined ratio. 3% Lloyd’s of London the Corporation. 157.2% 50%150% Fire 119.5% 112.9% General Re managed to improve its 4% Lloyd’s110.0% Asia111.0% expenses have also started 97.6% 98.4% 96.4% 90.5% 91.6% 45% 90.0% Miscellaneous 100% 40.6% combined ratio by 145.5 percentage points 7% 39.5% to creep up after a couple of years of 40% 33% Motor to 54.6 percent. General Re also reported Combined ratio 50%35.6% Hull & liability improvement. The 2017 expense ratio stood negative net loss figure for the year, 35% 38.6% at 38.6 percent – 3.0 percentage points Cargo35.6% Combined ratio 0% indicating a release of reserves in 2017. 30%22% Personal accident higher than in the previous year. Asian reinsurers including Korean Re, 25% Work injury Losses also increased during the year as Aspen Scor Re RenRe ACR Re and China Re were in the middle- 20% TransRe compensation the SingaporeChina RebranchQatar Re of Lloyd’s worsened 28% Mapfre Re DaVinci Re 2011 2012 2013XL Bermuda 2014 2015Health 2016 2017 Samsung Re ranking performers of the group. Singapore Re its loss ratio from 48.2 percent in 2016 to Source: Monetary Authority of Singapore, ThePartner Insurance ReAsia AsiaInsider Capital Re 51.5 percent in 2017. Source: Monetary Authority of Singapore, The Insurance Insider Top line Source: Monetary Authority of Singapore, The Insurance Insider Year on year, reinsurers collectively reported a drop in the premiums written Lloyd’s Asia: combinedLloyd’s ratios Asia: combined ratio in Singapore. Total gross written premiums Reinsurance premiums of (GWP) fell by 6.2 percent to S$199.3mn 120%O shore InsuranceLloyd’s Funds Asia Scheme Lloyd’s of London 114.0% (US$144.9mn) in 2017, according to MAS 2% 98.3% 97.9% 100% 91.7% figures on the Singapore Insurance Funds. 86.0% 86.8% 88.4% 90.0% 90.1% 5% 83.9% Elsewhere, GWP from offshore insurance 80% policies dropped by 7.7 percent to S$4.5bn. 60% Property Singapore Insurance Funds – or onshore 24% 40% Casualty & others policies – contain the funds established and Combined ratio maintained in respect of Singapore policies 20% Hull & liability 69% under the Insurance Act, while the Offshore 0% Cargo Insurance Fund represents offshore policies, 2013 2014 2015 2016 2017 according to the MAS. Source: Monetary Authority of Singapore, The Insurance Insider

Looking at Singapore Insurance Funds, Source: Monetary Authority of Singapore, The Insurance Insider fire premiums were down by 13.9 percent year on year but still represented the largest Lloyd’s Asia: top line Lloyd’s Asia: top line source of GWP – taking a 65 percent share Reinsurance premiums of of all premiums in 2017. 700 +6.6% Singapore Insurance Funds Singapore Re was the largest contributor 600 to onshore premiums as it wrote S$47.1mn 617.2 618.9 3% 575.0 580.5 By expanding our global presence and entering in 2017, representing 23.6 percent of total 5003% 537.7 488.4 475.4Fire new markets, we can provide customized premiums. 4004% Miscellaneous As for offshore premiums, Allianz 7% solutions across an array of geographies and 300 Motor generated the most GWP in 2017. Its 33% products, bringing us closer to our clients. Hull & liability 200 Singapore branch wrote S$611.9mn in Cargo premiums during the year, representing 13.5 22% 100 Personal accident

percent of total premiums. Gross written premium ($mn) Work injury Property insurance is the largest source of 0 compensation 360° THINKING Find out more at aspen-re.com 28%2011 2012 2013 2014 2015 2016 2017 premiums for offshore policies, accounting Source: Monetary Authority of Singapore,Health The Insurance Insider for 69 percent of all offshore premiums. Source: Monetary Authority of Singapore, The Insurance Insider Lloyd’s Asia: expense ratio SIRC 2018 15 60% Lloyd’s Asia Scheme Reinsurance54.0% premiums of 55% Lloyd’s of London O shore50% Insurance Funds 13-15_Analysis MAS numbers.indd 15 45% 2% 24/10/2018 13:17 40.6% 39.5% 40%5% 35.6% 35% 38.6% Property35.6% Combined ratio 24%30% 25% Casualty & others 20% Hull & liability 2011 201269% 2013 2014 2015 2016 2017 Source: Monetary Authority of Singapore,Cargo The Insurance Insider

Source: Monetary Authority of Singapore, The Insurance Insider

Lloyd’s Asia: top line 700 +6.6% 600 617.2 618.9 575.0 580.5 500 537.7 488.4 400 475.4 300 200 100 Gross written premium ($mn) 0 2011 2012 2013 2014 2015 2016 2017 Source: Monetary Authority of Singapore, The Insurance Insider

Lloyd’s Asia: expense ratio

60% Lloyd’s Asia Scheme 54.0% 55% Lloyd’s of London 50% 45% 40.6% 39.5% 40% 35.6% 35% 38.6% 35.6% Combined ratio 30% 25% 20% 2011 2012 2013 2014 2015 2016 2017 Source: Monetary Authority of Singapore, The Insurance Insider STORY BUILDING - CREDIT PHOTO : GERALDINE ARESTEANU BUILDING - CREDIT PHOTO STORY

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16_CCRRe_AD.indd 16 23/10/2018 17:04 INTERVIEW

Lands of opportunity George Attard, Asia CEO of Aon’s Reinsurance Solutions business, discusses how cedant appetite for reinsurance is likely to fare given the high number of catastrophe events in 2018 This year has seen a large number of that gap in the catastrophe modelling We have also observed a trend toward natural catastrophes in the Asia Pacific landscape and present our clients with an more digitalisation in the more mature region. How do you think these events understanding around a broader range of developed markets, such as Singapore. will affect the upcoming 1 January and perils and the impact they might have on Telematics is being increasingly used, along 1 April renewals? their portfolios. with partnerships with InsurTechs, as the The general sense is that insured losses This may encompass a range of solutions traditional markets explore different ways of from natural catastrophe events in 2018 from realistic disaster scenarios to fully accessing relationships. are now around the long-term annual probabilistic catastrophe models in order to This is not limited to distribution – these average, with many reinsurers reporting that assess the impact on their current portfolios, firms are also looking across the value chain, cumulative losses for the first nine months not just to help them understand the through pricing and underwriting to claims of 2018 are broadly in line with year-to-date potential losses and reinsurance purchasing management and enhancing the customer expectations. The general consensus after decisions, but also to support their pricing service experience, as well as the internal the H1 2018 results was that conditions and underwriting. administrative processes. It’s about driving would remain favourable for buyers, but as An example of the changing nature of how efficiency and generating a better return ever we need to differentiate clients based our models are used is the Thai flood models. on their distribution through leveraging on their unique portfolio characteristics, data After the 2011 floods we were InsurTech partnerships. quality and loss history. the first to release a model, and while it This has been supported from a regulatory Our general commentary is that losses are was utilised to determine protections perspective by the development of in the early stages of development, each from such an event, over time it has also regulatory sandboxes in the region to affected client’s situation is unique and the helped cedants to manage aggregations allow further exploration of the impact of renewal is still some time away. and price and underwrite their underlying InsurTech. The priority of those clients that have portfolios. experienced material losses is to adjust How has the development of an losses and pay claims in a timely manner What do you see as the key opportunities Association of Southeast Asian to support their affected clients and in Asia Pacific at the moment? Nations (Asean) network impacted on communities. According to our recent Insurance Risk Study, (re)insurance business? Reinsurers have an opportunity to the top 10 P&C regions in Asia generated The Asean Economic Community (AEC), strengthen their relationships and almost $300bn of gross written premium established in 2015, intends to open up differentiate themselves with loss-affected last year. And a number of these markets are cross-border business including financial clients by focusing on timely claims demonstrating impressive, solid underlying services. While many regional and global payment. growth including, China, India and Indonesia. companies already operate across borders, The five-year annualised growth for these we expect to see domestic players with an Are you expecting cedants’ appetite for regions is well above 10 percent. increased appetite for cross-border business reinsurance programmes to change in any That, combined with low insurance through the AEC. way after Jebi, Trami and other events? penetration across the region, is attracting It creates a growth opportunity for those Events typically result in increased awareness a lot of global capital into the market, as players, adding geographical diversification of data quality, catastrophe modelling and companies look to diversify their income and and allowing them to partner with other reinsurance as regulatory and rating agency achieve growth. domestic carriers. capital, which can translate into further There have also been changes in appetite for reinsurance depending on each government policy across the region, client’s unique situation. which have led to more investment in In Asia, many of those companies infrastructure. This in turn is leading demonstrating organic growth would to opportunities in terms of project benefit from buying more protection, but development, which creates opportunities the decision will also depend on the general for the industry to offer risk management appetite for reinsurance given the direct and risk transfer initiatives. market dynamics. Opportunities also exist in new product Where there is increased appetite, we have development and distribution (e.g. cyber, structured and implemented a range of specialty casualty and health); reinsurance solutions – frequency or severity protections, of agriculture and life portfolios; integrated or a combination of both. treaty and fac solutions such as fac facilities; and efforts to close the protection gap George Attard How has the cat modelling landscape through government pools, public-private CEO, Asia, changed in recent years? partnerships and other risk financing Aon’s Reinsurance Solutions business We’re taking a proactive approach to bridge mechanisms.

SIRC 2018 17

17_Aon interview.indd 17 24/10/2018 12:14 IN ASSOCIATION WITH RULEBOOK

Industry has to solve data access dilemma

As the (re)insurance market gathers in Singapore, Paul Latarche, head of insurance at Moore Stephens and co-founder of Rulebook, argues it is time to tackle the issues around data delivery

he (re)insurance industry has invested client and the risk profile. approach which dynamically delivers T– and continues to invest – significant It is fundamentally all about delivering the data described above at the point of amounts of capital into enhancing its intelligent insight at the point of decision. The aim of any business has to ability to collect data. underwriting, and while the appeal of such be to enhance their own and their client’s The scope and scale of data warehouses a system is self-evident, as an industry we experience and exceed expectations. continues to grow as ever more significant have not looked beyond the drive to collect However, to do so we cannot simply stand amounts of data can be mined and data with little real innovation in terms of still. Our clients are changing the way they stored. But the fact is the industry needs how we want to use it. do business and they expect that we will do to recognise the need for a greater ability At present the industry will often reply in a the same. The industry has been faced with to access both internal and external data complex underwriting form on which there a constant need to innovate and provide swiftly and efficiently, and to deliver that are tens of questions to be answered. It new coverages and financial solutions data to the underwriter at the point of the often requires the broker to manually input against the background of an ever-changing underwriting decision. the answers – meaning the potential for risk landscape. One only need look at the way firms human error is always present. There has been a great emphasis on currently access data, faced with thousands We are now at a stage whereby the market the benefits of big data and what it can of reports and documents. The information for some risks, such as directors’ and officers’, deliver. However, it remains a question of required is in there somewhere, but it takes can move to single question forms. The delivery. As an industry we cannot afford time to find it and then to retrieve it in the technology is there to enable the risk to to be spending time hunting for data necessary format. be underwritten simply with the provision which should and can be delivered as the When working through a risk proposal an of a company number, which will allow underwriter requires as they work through underwriter will look to access the relevant the underwriter to access a wide range of the submission or proposal form. The huge data to answer some of the questions they external data and enable the underwriting levels of data which is stored internally and have before deciding whether to accept the decision to be taken. can be quickly accessed from a multitude of risk and at what price. It may well require a new approach external sources can make a real difference. For instance, they may want to know the to some risk, with a greater degree of Only then can we truly deliver real insight. aged debt status of the broker, access the commoditisation of products that will risk profile and history of the policyholder enable such systems to be utilised. The and look at their ability to pay. downside and move away from a more But at present all this information is bespoke cover for such risks can be offset in different areas and may well be on by the increased speed and efficiencies that different systems. We are using multiple can be delivered across the decision-making systems to carry out a single task, and more process. importantly it is taking time to locate, access What is clear is that the market must take and retrieve that information. a fresh look at how it treats its data and the The data quite simply needs to be systems employed to utilise it. delivered to the underwriter at the point of At Moore Stephens we have been decision. working with our underwriting partners Far better is a system whereby when a key who access Rulebook to create a different word is inputted the system retrieves the data it believes is pertinent to that section of the proposal. That could be data on Author bio the insurer’s current relationship with the broker, or the wider dealings of the insurer Paul Latarche is co-founder of Rulebook 25 percent of the Lloyd’s market. with the client on the proposal form. as well as partner and head of insurance Having been involved with insurance Indeed, underwriters should be able at Moore Stephens LLP, the global IT consultancy for almost 20 years, Paul to access both internally held data and accountancy firm based in London. has in-depth industry knowledge of external information which will aid in that Rulebook is the market-leading, multi- working with management information, decision. award-winning pricing, underwriting sales and marketing. Paul is responsible By that I mean internal data on the risk and distribution platform built for the for business development and general class, the specific risk itself, the client and insurance industry. consultancy across the firm’s service lines the broker, but also external data on the Since its beginning in 2012, he has both in the UK and internationally, and company in question from respected been instrumental in its development is also paramount in widening Moore sources, such as Dun & Bradstreet, which and the platform is used by over Stephens’ international alliances. can provide a greater understanding of the

18 SIRC 2018

18_Moore Stephens.indd 18 24/10/2018 12:12 UNDERWRITING AT WORK With more than a century of experience, we have built a business that is designed to stand the test of time. Our talented underwriters and actuaries assess complex risks and adapt to changing market conditions while maintaining a consistent, disciplined approach to underwriting. It’s one of the reasons why you can odysseyre.com count on us to be here tomorrow. OdysseyRe. Built to Last.

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20_TrustRe_AD.indd 20 24/10/2018 16:22 INTERVIEW

ILS manager LGT targets Asian expansion

Pascal, you are one of the partners at LGT carrier. Lumen Re transacts both rated and think it is very important to be transparent ILS. What is LGT ILS, and what is your role collateralised reinsurance. with investors. If anything, we received a in the reinsurance market? Given the extremely strong capitalisation, series of inquiries from investors asking if LGT ILS is one of the largest managers of our carrier provides our cedants with they should increase their allocation, as such insurance-linked investments and as such the highest possible security available in events may also generate opportunities. a significant provider of catastrophe risk the industry. Lumen Re does not run any capacity to primary insurance companies. leverage or credit risk on the asset book – Why should an Asian primary insurer We manage the allocation to insurance- making it the perfect reinsurance carrier, and trade with LGT ILS or Lumen Re, and linked strategies on behalf of institutional a very attractive counterparty for our cedant what are your expectations for the Asian investors, predominantly pension funds from client base. reinsurance market in general? around the world. The investors are looking First and foremost, we are an ILS manager in to benefit from the uncorrelated returns Asia, and particularly Japan, the purest sense; we fundamentally believe provided by the asset class. Historically, we “Australia and New Zealand, that the core value proposition of ILS is the have had a strong client focus in Europe, but superior credit quality of the capacity and more recently, we expanded our business are adding an important that it is a different, non-traditional source development efforts to Asia and now have element of diversification to of capacity. Our capital is held in short-term investors in Japan, Korea and Singapore. We our portfolios government bonds, which serves to mitigate use the capital ” potential credit risk. That is very different to to provide reinsurance to insurance You mentioned your strong focus on most traditional reinsurance carriers or even companies to help mitigate extreme peak zones such as the US and Japan – many other ILS markets. catastrophe events. surely you and ultimately your investors Asia, and particularly Japan, Australia and Within our funds, we focus on the one area must have faced losses from the 2017 New Zealand, are adding an important where additional capital is truly required, cat events and most recently from the element of diversification to our portfolios. which is natural catastrophe perils in peak typhoons and hurricanes in 2018? We have been supporting this market for zones. As such, we are running considerable The 2017 cat events indeed had a negative many years now and have supported our concentration risks in the US with hurricane impact on our portfolios as a number of cedants in loss-heavy years such as 2011 and earthquake exposure, in Europe with our US-focused reinsurance transactions after the earthquake events in Japan and windstorm and flood risks, and in Asia, again paid out, mainly because of hurricanes New Zealand. with typhoon and earthquake risks. Harvey, Irma and Maria and the wildfires In the meantime, we have increased our in California. In addition to that, the higher allocation to the region, and our aim is to But how exactly are you able to transact frequency of attritional losses from tornado be recognised as a long-term reinsurance reinsurance risk as an ILS manager? and hail events in the US during the first half partner in the region. Lastly, we believe that While we represent a capital market investor, of the year contributed to the loss burden. insurers should optimise and diversify their the LGT ILS team consists of experienced Yet, given that we write a globally reinsurance panels by adding ILS capacity, senior reinsurance underwriters and diversified book, the losses were still very which serves to manage and mitigate the catastrophe risk modelling specialists. We much in line with expectations considering potential credit risk significantly. have all spent many years in the traditional the significant event activity. The overall reinsurance world and speak the same impact to our funds from the 2017 events language as our cedants, which include a was therefore limited to single-digit great number of insurance and reinsurance drawdowns for our higher risk/return companies around the world. So while we strategies, while our more conservative allow our cedants to directly tap into the funds even generated a positive – albeit capital market as a capacity provider, the lower – income for the year. processes and mechanics of dealing with The most recent 2018 events are still within ILS capacity are identical to traditional our annual cat budget, and as such fully reinsurance placements. absorbed by our premium income, thus still Business with LGT ILS is transacted through generating a positive return for the year. a reinsurance entity in Bermuda by the name of Lumen Re, which has been running How did your investor clients react to for many years now and serves to transact such losses? reinsurance contracts exclusively for the LGT Our investors allocate only a small share of ILS funds. Until 2017, Lumen Re was licensed their portfolios to ILS (2-5 percent of their as a so-called special purpose reinsurer assets) in order to benefit from effects of and focused on transacting collateralised diversification and low correlation of returns. reinsurance. Now, the company features The 2017 cat activity and the Pascal Koller a healthy equity buffer and is licensed as corresponding impact to our funds were Partner / Portfolio manager, a commercial reinsurance carrier. AM Best very much in line with our investors’ LGT ILS Partners has assigned an A/Excellent rating to the expectations for such a series of events. We

SIRC 2018 21

21_LGT interview.indd 21 24/10/2018 12:08 EVENTS EVENTS

EVENTS

London Market Conference Insider US* 8 November 2018 | 08:15 – 15:30 (followed by March 2019 networking drinks) 08:15 – 16:45 (followed by networking drinks) etc.venues, Liverpool Street, 155 Bishopsgate, London, New York, USA EC2M 3YD www.insiderlondonmarketconference.com #InsiderUS

Subscriber delegate rate – £495 InsiderTech New York* Full delegate rate – £695 March 2019 (All prices exclude VAT) 08:45 – 16:50 (followed by networking drinks) RSVP: [email protected] New York, USA

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*Exact dates and location TBA

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22 SIRC 2018

22_Events page.indd 22 25/10/2018 08:20 SPEAKERS INCLUDE: TO BOOK YOUR PLACE OR FOR FURTHER INFORMATION • Kathryn Gifford, Head of Claims, Chubb Global Markets • Andrew Horton, CEO of Beazley and Chair of London Market Group Please contact Jennifer Lord on • Clare Lebecq, CEO, London Market Group [email protected] • Bronek Masojada, CEO of Hiscox and Chair of PPL Ltd. +44 (0)20 7397 0619 • Trevor Maynard, Head of Innovation, Lloyd’s • Subscriber rate: £495 (for named subscribers only) • Matthew Moore, President, Liberty Specialty Markets • Earlybird rate: £595 (available until 30 September 2018 only) • Julie Page, CEO, Aon UK Ltd. • Full rate: £695 Further speakers to be announced shortly (all prices exclude VAT)

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8 November 2018 08:15 - 15:00 followed by networking drinks etc. Venues, Liverpool Street 155 Bishopgate, London, EC2M 3YD www.insiderlondonmarketconference.com

Sponsored by: 24_ACR_AD.inddACR_ad_v3_final US 24 A4.indd 1 23/10/201823/10/2018 17:0515:06