November 19th, 2010

Week’s Top Stories: Nov. 13 - Nov. 19, 2010

Posted at 11:00 AM ET

Change and Consistency; Guy Carpenter Specialty Insurance Program Issuing Carrier Survey:    Little has changed at the core of the Program Administrators and Managing General Agents (MGA/PA) market from last year, though there has been activity in targeted areas. In general, the MGA/PA space has shown progress in recovering from the 2008 financial crisis and subsequent recession, indicating resilience, consistency and strength. Yet, over the past five years, since Guy Carpenter & Company, LLC (”Guy Carpenter”) began tracking the MGA/PA market, there have been some significant shifts, showing that the market has matured.

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Imelda Powers Joins Guy Carpenter’s Global Analytics:  Guy Carpenter & Company announced the appointment of Imelda Powers as Managing Director of Global Analytics, effective immediately. Dr. Powers initially will be based in New York and will relocate to Beijing. She will report to Bill Kennedy, Global CEO of Analytics, Capital Markets, Specialty Practices and Advisory.

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Turn Insurance Portfolio Modeling and Management into a Strategic Advantage:  Companies that optimize the use of economic capital models to holistically manage portfolios may gain a powerful advantage in the marketplace. Improved risk decision-making and capital allocation can translate to profitable growth and an increase in shareholder value. But, it takes a commitment: ongoing integration and evaluation of the models in the operation may create ongoing benefits to results.

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Chart: Global Reinsurance Composite: Average Price to Book Ratio:  This chart shows the price to book ratio of the global reinsurance sector over two decades. These valuations are clearly volatile and affected by cyclical pricing, investment returns, and by the impact of large catastrophes. Given the current operating environment and market conditions, investors appear to believe near-term profitability will be low.

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Risk Profile, Appetite, and Tolerance: Fundamental Concepts in Risk Management and Reinsurance Effectiveness:  Prior to the recent turbulence in the financial markets, insurers and reinsurers were increasing their use of Enterprise Risk Management (ERM) to make risk and capital management decisions. While this was driven in part by rating agencies and regulators, many carriers began to recognize the value of metric-based frameworks and capital models in evaluating their portfolios.

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And, you may have missed…

TRIA, U.S. Terrorism and International Terrorism: Effect on the Insurance and Reinsurance Markets: Commercial insurers are strongly supportive of the Terrorism Risk Insurance Act of 2002 (TRIA), as it provides them an ultimate safety net for their terrorism exposures. However, the residual risk for terror events retained by insurers below the triggers and retention levels set by the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIPRA), coupled with the relatively high cost of reinsurance in key exposure zones, means that insurers remain cautious about terrorism exposure. As a result, they continue to avoid accumulating high-profile urban exposures.

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