January 11th, 2013

Week’s Top Stories: January 5 - 11, 2013

Posted at 10:30 AM ET

Chart: Guy Carpenter Global Rate on Line Index, January 2013: The Guy Carpenter Global Property Catastrophe Reinsurance Rate on Line (ROL) index fell marginally at the January 1, 2013, renewal. This is the seventh consecutive annual renewal in which changes to the index have equaled 10 percent or less, indicating a global market with capacity appropriate to meet demand.

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January 1, 2013 Renewals Bring Stable Reinsurance Pricing: Guy Carpenter reports that the reinsurance sector enters 2013 equipped with ample dedicated capital and stable pricing. In its 2013 global renewal report, The Route to Profitable Growth, Guy Carpenter finds that the January 1, 2013 renewals took place against a stable backdrop, with only loss-affected lines and select regions experiencing price volatility. The market was supported by a combination of factors including lower than normal catastrophe losses during the first nine months of 2012, new reinsurance capacity and record-high levels of capital.

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Chart: Guy Carpenter Regional Rate on Line Index, January 2013: There was variation regionally in the Guy Carpenter Regional Property Catastrophe Reinsurance Rate on Line (ROL) index. U.S. property catastrophe pricing was most affected by the landfall of Superstorm Sandy while other regions were flat to down.

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Guy Carpenter’s January 1 Reinsurance Renewals Press Briefing: Nick Frankland: Nick Frankland, CEO, EMEA Operations, said, “This renewal has seen a reduction in the amount of catastrophe reinsurance being purchased and a greater capacity concentration ….. among a smaller number of counterparties. An issue this raises is that of counterparty credit and operational risk. Reinsurer panels are being reduced on programs as major cedents look to establish larger, more meaningful partnerships with key reinsurers. As a result the question of scale will become an increasingly important one in our industry and will likely have a knock-on effect on mergers and acquisitions activity as we establish what is too small and what is big enough.”

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Guy Carpenter Makes Senior Appointments in GC Securities*: Guy Carpenter announced that Andrew Beecroft and Paul Rayner have been appointed as Managing Directors of GC Securities, effective January 7, 2013.

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And, you may have missed…..

Guy Carpenter Publishes Second Annual Insurance Risk Benchmarks Report: Guy Carpenter has published its second annual Insurance Risk Benchmarks, a resource designed to help insurers assess risk parameters and improve economic capital modeling. The report provides benchmarks for underwriting and reserve risk by line of business and by industry segment for U.S. exposures, and can be used by insurers when benchmarking their economic capital models.

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