After significant rate reductions throughout 2023 and early 2024, median rates are no longer dropping as drastically as they have over the last 3 years which is in line with our expectations given the significant reductions that have already taken place. Nonetheless, our initial data for H1 2024 indicates 72% of our clients that renewed in Q2 saw their primary rates decrease … [Read more...] about GB D&O Market Update H1 2024
Latest Industry News
After a landmark year, what’s on the horizon for global reinsurers?
Carlos Wong-Fupuy (pictured above), senior director at AM Best, discussed the findings of a recent report, noting that despite global challenges in benchmarking due to the adoption of IFRS 17, the reinsurance segment continues to expand. Returns on equities in the sector are also expected to remain well above the cost of capital. When asked about a key theme from … [Read more...] about After a landmark year, what’s on the horizon for global reinsurers?
We need to talk about exit solutions
Exit strategies, a critical yet often under-discussed aspect of the captive insurance lifecycle, are essential for captive owners planning their future transitions. Although these strategies can be complex and sensitive, which might not suit early conversations with prospective captive owners, more transparent discussions about the strategies involved, and when they are … [Read more...] about We need to talk about exit solutions
Connecticut Enacts New Changes to Its Captive Insurance Laws
On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance”, (the “Act”) into law. … [Read more...] about Connecticut Enacts New Changes to Its Captive Insurance Laws
With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?
R&Q Insurance Holdings Ltd. has this morning confirmed that it is filing for a provisional liquidation in Bermuda, raising questions over the future of its collateralised legacy sidecar vehicle Gibson Re. R&Q has been through the wars, both in terms of persistent historical reserve deterioration, a debt-load that has shackled the company, and some might call them … [Read more...] about With R&Q set for liquidation, what future for Gibson Re sidecar and its investors?
Natural Catastrophe and Climate Report: Q1 2024
In this report, we summarize the global loss totals for the first quarter and focus on key issues driving current industry discussions regarding natural catastrophe and climate risk. The financial cost of natural catastrophes to start 2024 were manageable for federal governments and the insurance industry. The minimum USD43 billion in economic loss from all natural perils … [Read more...] about Natural Catastrophe and Climate Report: Q1 2024
Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries
After a successful 2023, the insurance-linked securities sector needs to show it can produce sustained returns on equity to its investors, according to Kathleen Faries. The chief executive officer of Bermuda:Re+ILS company of the month Artex Capital Solutions, said the sector saw large capital inflows from “opportunistic” investors in 2023 and now needs to sow underwriting … [Read more...] about Bermuda’s ILS sector needs to show it is sustainable, says Artex’s Faries
Global Insurance Run-Off Survey 2023
https://player.vimeo.com/video/928071878?h=a317416669 https://player.vimeo.com/video/928071342?h=fa7dc337db The PwC 2023 Global Insurance Run-Off Survey is here! The key takeaway is that the global non-life run-off reserves are estimated to exceed $1 trillion, yes that’s $1 trillion. Read Here... … [Read more...] about Global Insurance Run-Off Survey 2023
2023: The Year AI Started to Be Taken Seriously in (Re)insurance
After the recent release of Gallagher Re’s Global InsurTech Report for Q4 23, Freddie Scarratt, Deputy Global Head of InsurTech at Gallagher Re, looks back at the biggest tech story of last year. Many topics drove the InsurTech narrative in 2023, but perhaps the one that grabbed the most universal attention was artificial intelligence (AI). The graph shows … [Read more...] about 2023: The Year AI Started to Be Taken Seriously in (Re)insurance
Congress Reflection
Success is best when shared. Check out IRLA’s flipbook reflection on this year’s Congress. Read More... … [Read more...] about Congress Reflection
Alternative capital flat at $100bn high at mid-year 2023: Aon
Alternative reinsurance capital, largely deployed in insurance-linked securities (ILS) formats, remained static at its $100 billion at the mid-point of 2023, according to insurance and reinsurance broker Aon. The latest analysis of global reinsurance capital from Aon’s Reinsurance Solutions division, presented just prior to the annual Monte Carlo Rendez-Vous reinsurance … [Read more...] about Alternative capital flat at $100bn high at mid-year 2023: Aon
Beware the “Quadrigoof”: Avoiding Four Common Mistakes in Negotiations
Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 6 We all negotiate, every day. It runs the gamut from the boardroom to the bedroom and everywhere in between. People try to win over their counterpart with reasoned arguments, pithy anecdotes, or just plain emotion. Career negotiators feel they do it fairly well, making fewer … [Read more...] about Beware the “Quadrigoof”: Avoiding Four Common Mistakes in Negotiations
Legacy Roundtable and Survey 2023
I have moderated our annual legacy roundtable for several years now, and there is a comforting familiarity which comes with it. Because in many ways, it is pretty much always the same. The occasion – the annual IRLA gathering – is the same. The venue – the Brighton Grand – is the same. And one thing you can always guarantee is that the conversation at this roundtable is … [Read more...] about Legacy Roundtable and Survey 2023
Observations on the Banking Crisis of 2023
The unprecedented events of the last two weeks in the banking industry have been breathtaking. As the banking and capital markets turn their focus to the Federal Reserve and Washington, the crisis of confidence that has ping-ponged between California, New York and Switzerland has caused many clients and investors to change their relationships in the banking world. Let’s review … [Read more...] about Observations on the Banking Crisis of 2023
Understanding and Using Body Language to Improve Negotiations
“Let Me Hear Your Body Talk…”1 Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 5 See if you recognize this scenario: you're in a meeting trying to convince the other side to take your position. But something’s not right. You don't feel comfortable. The mood in the room is guarded and tense. You really don't know why: The sun is … [Read more...] about Understanding and Using Body Language to Improve Negotiations
Smith Gambrell Russell and Freeborn & Peters Complete Combination to Create Global Am Law 150 Firm
ATLANTA and CHICAGO (April 1, 2023) – Smith, Gambrell & Russell, LLP and Freeborn & Peters, LLP announced today that they have completed their combination, effective April 1, creating a global Am Law 150 law firm operating under the Smith Gambrell Russell name. The combined firm is led by SGR managing partner and executive committee chair, Stephen M. Forte, with legacy … [Read more...] about Smith Gambrell Russell and Freeborn & Peters Complete Combination to Create Global Am Law 150 Firm
More On ChatGPT And Insurance Coverage
At the end of February, I did an article, for a Coverage Opinions email blast, that shared the results of my ChatGPT insurance coverage test. I had asked the much talked-about artificial intelligence platform – that offers answers to questions in human-like conversation – what it knew about insurance coverage. Very simple. I asked five very specific questions with answers … [Read more...] about More On ChatGPT And Insurance Coverage
US NAIC Fall 2022 National Meeting Highlights
The US National Association of Insurance Commissioners (“NAIC”) held its National Fall Meeting from December 12 through December 16. Check out Mayer Brown’s updates from the US NAIC Fall 2022 National Meeting. Read More... … [Read more...] about US NAIC Fall 2022 National Meeting Highlights
Third Circuit Dismisses Chapter 11 Filing by Johnson & Johnson Subsidiary Formed to Segregate Talc Liabilities
In a closely watched decision, the Court of Appeals for the Third Circuit ordered the dismissal of the Chapter 11 petition of LTL Management, LLC, the entity created by Johnson & Johnson to hold J&J’s talc-related liabilities in a divisional merger process under Texas law. Reversing the Bankruptcy Court for the District of New Jersey, the Third Circuit held that … [Read more...] about Third Circuit Dismisses Chapter 11 Filing by Johnson & Johnson Subsidiary Formed to Segregate Talc Liabilities
Reinsurance Capital to Drop $40B: AM Best
AM Best estimates that traditional reinsurance capital will drop by roughly $40 billion to $435 billion at year-end 2022, after hefty jumps recorded in each of the prior three years. The projected 8.4 percent decline to $435 billion for 2022 from $475 billion in 2021, following increases of 15.5 percent for 2019, 8.9 percent for 2020 and 10.7 percent in 2021, takes into … [Read more...] about Reinsurance Capital to Drop $40B: AM Best
