Hurricane Odile, the category three storm which has hit Mexico’s Baja California peninsula over the past few days, is likely to cause significant losses for some US carriers, according to Robert Muir-Wood, chief research officer, Risk Management Solutions (RMS).
The trend of cedants retaining more risk on their balance sheets does make things tougher for Nephila Capital, its chief co-founder told Monte Carlo Today, especially as they are largely retaining more cat risk.
Zurich Insurance is buying less reinsurance as it seeks to actively deploy its own internal capital, according to Paul Horgan, global head of group reinsurance at the insurer.
It would be “crazy” to carry more risk on the balance sheet than is necessary at a time when reinsurance is so cheap, believes William Dewsall, chief executive of European non-life insurer Gable Insurance, who attends Monte Carlo to meet and negotiate with his company’s reinsurers and brokers.
Technology provider Xchanging will invest a further $200 million into insurance solutions as part of its five-year strategy for global growth in the market.
Following changes to its reinsurance buying strategy at the end of 2013, Antares Underwriting is now focused on composite coverage in order to amalgamate numerous risks, Richard Anson, head of ceded reinsurance at Antares, told Monte Carlo Today.
While there has been plenty of talk in Monte Carlo about the opportunities that exist in emerging markets, there is still room for growth in Europe. That is the view of Peter Schmidt, CEO of Catlin Re Switzerland.
A very competitive environment around acquisitions in the US market means that Cooper, Gay, Swett & Crawford (CGSC) is seeking strategic hires in that market instead. It also has five acquisitions in Latin America going through due diligence.
Understanding the next generation and a rapidly evolving digital environment are vital to achieving market modernisation, Lloyd’s CEO Inga Beale said at a KPMG briefing in Monte Carlo titled Transforming Insurance.
Following the acquisition of Canopius by Sompo Japan Insurance, the former will be able to access previously unobtainable lines, specifically in the US.