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Reinsurers Make Case for Casualty Hardening At www.theinsurer.com Issue Five: 29 September WRAP A month of dedicated reinsurance analysis and insight from The Insurer... Reinsurers make case for casualty hardening at 1.1 he absence of the annual Monte Covid-19 fallout – including the known TCarlo Rendez-Vous and the platform The drivers... start-ups on the way – is not at a level to it presents has not prevented reinsurers offset upwards pricing momentum. from asserting their view that c Underlying rate increases welcome Speaking to The ReInsurer earlier this meaningful improvement in pricing and but not enough, say reinsurers month, Scor Global P&C deputy CEO terms and conditions is warranted at the c Push for further reduction in cede Laurent Rousseau said the negative upcoming 1 January renewal. commissions impact the low interest rate environment Executives have been lining up to c Concern over 2014-2018 accident has had on long-tail insurance classes go on the record about the imperative years may have been underestimated by some for hardening beyond the strong rate c Social inflation has not abated during in the sector. improvement on the underlying business Covid-19 “The reinvestment rate on the asset that is flowing through quota shares. c Low interest rates equivalent to side of an insurance company’s balance Topmost in the arguments they are catastrophe for long-tail lines sheet has decreased meaningfully. That using are the twin forces of social c Reinsurers increasingly selective over means that the adequacy of long-tail inflation impacting more recent accident cedants classes is further away. Rates will have to years and the “catastrophe” for casualty c Some brokers to push back against increase much more to compensate for underwriters of record low interest rates. cede pressure from reinsurers lower investment income,” he suggested. And they are also suggesting that c Demand surges for ADC/LPT solutions The relationship between the assets the inflow of capital seen so far in the and liabilities side Continued on page 6 Chaucer latest Lloyd’s carrier poised to launch Bermudian reinsurer hina Re-owned insurer Chaucer has applied to the Bermuda risks and are required to maintain minimum capital and CMonetary Authority (BMA) to launch a Class 4 reinsurer on surplus of $100mn. the island, The ReInsurer can reveal. The addition of a Bermuda platform would add to Chaucer’s The London-headquartered carrier has made the operations in Dublin, Copenhagen, Singapore, Dubai and application through its Ireland subsidiary Chaucer Insurance Miami. Company DAC and is awaiting regulatory approval for the At Lloyd’s Chaucer operates through syndicates 1084 and vehicle. 1176. Syndicate 1084 is the 11th largest syndicate at Lloyd’s and Chaucer will use the vehicle to principally target US writes specialty aviation, casualty, energy, marine, political catastrophe business, this publication understands. and property insurance and treaty reinsurance worldwide. Class 4 (re)insurers are vehicles underwriting direct excess Syndicate 1176 is Chaucer’s nuclear focused syndicate. liability insurance and/or property catastrophe reinsurance In 2019, Syndicate 1084 delivered a Continued on page 5 11 13 18 20 M&A advisory Panel debate Neon Flood insurance Active 2020 Investing in newcos Lloyd’s legacy Protection gap CONTENTS The POWER of REINSURANCE in a COVID-19 World In an uncertain global economy, reinsurance has never been more important as a strategic tool for success. Aon connects you with capital to protect people and assets, strengthen your balance sheet and help make better business decisions that reduce volatility. To learn more about the power of reinsurance, visit Aon’s Virtual Reinsurance Renewal Season microsite. Aon UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of regulated products and services in the UK. FP#12976-AD Aon UK Limited Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN. Tel: 020 7623 5500. Comment | 3 #REinsuranceMonth sets Editorial David Bull North American editor Tel: +1 646 895 1765 tone for the path to 1.1 Email: [email protected] elcome to the fifth edition of The was initially slow, it had increased to the Michael Loney North American associate editor WReInsurer, our weekly publication hundreds by the middle of the month. Tel: +1 646 642 0685 throughout September which has brought Several commentators have acknowledged Email: [email protected] you news and insight into reinsurance this month that the future will ultimately Rebecca Hancock European editor market developments. see a hybrid approach to virtual/in person Tel: +44 (0)20 3934 6681 We designated September as working as part of a long-term shift in Email: [email protected] Christopher Munro #REinsuranceMonth to help fill the gap working patterns. As forecast, the future North American associate editor left by the cancellation of Les Rendez- for the ILS market provided major talking Tel: +1 347 421 0504 Email: [email protected] Vous de Septembre, the industry’s annual points during September ahead of the Scott Vincent gathering in Monte Carlo, which was forthcoming retro renewals. News editor cancelled for the first time in 64 years Investor appetite for cat bonds is Tel: +44 (0)20 3934 6685 Email: [email protected] due to Covid-19. We hope our coverage rising but concerns still remain about Sophie Roberts this month has helped fill the vacuum collateralised reinsurance. The potential Content editor left in the industry calendar by the lack for more rated carriers to participate Tel: +44 (0)77 8995 3001 Email: [email protected] of face-to-face events. At the start of the in the retro market in 2021 is clear. Ryan Hewlett month we identified a list of themes which Conversations have also focused on how Senior reporter we thought would have been the major a ‘Class of 2020’ will look. While significant Tel: 44 (0)20 3934 6687 Email: [email protected] talking points had the capital has flowed into the industry been able to industry during 2020, the Advertising, marketing and sponsorship Spencer Halladey decamp to the Côte vast majority of this has Commercial director d’Azur. Many of those We hope our coverage been directed at scale-ups Tel: +44 (0) 203 934 6684 Email: [email protected] themes relate directly this month has helped rather than new entities. Andy Stone to the pandemic. We fill the vacuum left in the We continue our focus on Sales manager now know the outcome these developments in Tel: +44 (0) 203 934 6684 industry calendar by the Email: [email protected] of the Financial Conduct today’s edition. As forecast, Beatrice Boico Authority’s test case on lack of face-to-face events broker consolidation has Marketing manager business interruption remained in the news Tel: +44 (0) 203 934 6685 Email: [email protected] claims (although an throughout the month as Abby Baker appeal is expected). Though the outcome the ramifications of Aon’s merger with Subscriptions manager Tel: +44 (0) 20 7469 2684 was mixed for (re)insurers, claims Willis Towers Watson continue to capture Email: [email protected] impacts look less severe than originally attention. With the deal expected to Production forecast. The industry’s reputation complete in the first half of 2021, a host of Paul Sargent suffered following Covid-19 and this was medium sized brokers are positioned to Creative director examined in the first of the four virtual take advantage of any opportunities that Tel: +44 (0) 20 7469 2685 Email: [email protected] panel discussions we hosted this month. emerge. And discussions around future public- One topic that will play out over Publishing Peter Hastie private pandemic reinsurance solutions the next five weeks, likely in dramatic Managing editor continued through the month. Within fashion, is the US presidential election. Tel: +44 (0) 203 934 6686 Email: [email protected] our coverage, we revealed the European The election could have ramifications Commission (EC) is to form an official for the (re)insurance sector, particularly Head office World Business Media Limited working party to examine the merits of a if it ushers in a more claimant friendly 15 Bishopsgate, London EC2N 3AR future public-private pandemic approach. We will be keeping a watching Info Email: [email protected] (re)insurance solution that could operate brief on this as the story develops in the Published by World Business Media Ltd on a pan-Europe basis. Hurricanes were run up to November’s election. © World Business Media Limited 2020 All rights reserved. No part of this publication maybe reproduced, a regular theme throughout September While #REinsuranceMonth is nearly over, stored in a retrieval system, or transmitted in any form or by any means, electrical, mechanical, photocopying, recording or but losses, for the most part, appear we will continue to bring you extensive otherwise without the prior written permission of the publishers. The views expressed in The Insurer magazine are not necessarily relatively modest to date. Changing news and insight ahead of the 1 January shared by the publisher, World Business Media Limited. The views expressed are those of the individual contributors. No liability dynamics in working practices were 2021 renewals. The themes identified over is accepted by World Business Media Limited for any loss to any person, legal or physical as a result of any statement figure or fact another theme we identified at the start of the course of the past month will continue contained in this title. The publication of advertisements does not reflect any endorsement by the publisher. the month. Lloyd’s re-opened its doors at to have ramifications for the sector as this the start of September, and while footfall unprecedented year draws to a close.
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