May 21st, 2010

Week’s Top Stories: May 17 - 21, 2010

Posted at 11:45 AM ET

GC Videocast - US PC (Re)insurers’ Earnings Have Been Supported by Releases of Prior Year Loss Reserves: Can This Be Sustained?   Chris Klein, Guy Carpenter’s Head of Business Intelligence, reviews the relationship between accident year initial loss picks and subsequent calendar year development for that accident year. Good years appear to get better and bad years appear to get worse.

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GC Videocast - Favorable Investment Returns Subsidize Poor Underwriting Results: An Illustration from Guy Carpenter:   Chris Klein, Guy Carpenter’s Head of Business Intelligence, presents an illustration of the impact that higher investment returns can have on (re)insurer return on equity. A company with a 6 percent investment return is able to earn a 10 percent return on equity despite an unfavorable underwriting ratio. The situation is very different if the investment return drops by only 2 percentage points.

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GC Videocast - Per Risk Property Market Renewals:   Guy Carpenter Managing Director Kevin Stokes looks at the April 1 and mid-year 2010 renewal trends for the per risk property market for reinsurance.

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Catastrophe Bond Update: First Quarter 2010: Heavy Smoke, Some Fire: Encouraging Conditions Persist*:   In the first quarter of 2010, two catastrophe bond transactions were completed, and USD300 million of risk capital was issued. In response to strong investor demand, both transactions closed within initial price guidance and were upsized relative to announced placement targets. While this activity furthers the integration of the capital markets into the risk management processes of protection buyers, on balance, issuance volumes for the quarter were perhaps a bit lighter than expected at the close of 2009.

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GC Videocast - Key Issues Around the June 1 Florida Reinsurance Renewals:  Guy Carpenter Managing Director Kevin Stokes reviews key issues and developments around the Florida market for property reinsurance. He offers early predictions of the June 1, 2010 renewal season.

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And, you may have missed…

MGA M&A Appetite Remains:  Program administrators and managing general agents (PAs/MGAs) appear to be interested in making acquisitions. This year, 72 percent of participants in Guy Carpenter’s Fifth Annual Specialty Insurance Program Issuing Carrier Survey indicated an interest in growing through acquisition, up slightly (though not materially) from 70 percent in 2008. A mature segment of the insurance industry, this remains one of the few ways to accelerate top-line growth and capture market share.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

 

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