June 7th, 2013

Week’s Top Stories: June 1 - 7, 2013

Posted at 9:35 AM ET

Influx of Convergence Capital Triggers Downward Pressure on Pricing at June 1 Renewals: Guy Carpenter reports that the reinsurance sector has witnessed dynamic capital growth in 2012 and 2013, spurred by an influx of capital from alternative sources. In its June 2013 renewal briefing, Guy Carpenter finds that this surge in alternative or “convergence” capital has changed the nature of the sector’s capital structure, as investors grow increasingly comfortable with supplying capacity through a convergence of both traditional and alternative vehicles. This market dynamic has also begun to impact significantly reinsurance pricing for peak property catastrophe risks in the U.S., with surplus capacity and lower target returns driving downward pressure on pricing for June 1 renewals and likely through the remainder of 2013.

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2013 Atlantic Hurricane Activity: Guy Carpenter has published a new briefing: 2013 Atlantic Hurricane Activity to Reach or Exceed 1995-2012 Average.  The 2013 Atlantic hurricane season is expected to be a busy one, carrying at least average activity with respect to the 1995-2012 “active” period. Seasonal outlook providers consistently emphasize two factors: the absence of El Niño, which implicates average activity, and higher tropical Atlantic sea-surface temperatures (SSTs), which implicate higher activity.

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Severe Weather Outbreak in U.S. May 28 to June 2: A multi-day severe weather outbreak occurred during the period of May 28 to June 2 affecting a large area of the United States and Southern Ontario, Canada.  The outbreak occurred along a complex and evolving frontal boundary as it pushed through the mainland into and during the weekend.  Affected areas include the foothills of the Rocky Mountains, the South and Central Plains, the Mississippi Valley, the Midwest, the Great Lakes and New England.

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2013 Reinsurance Renewals:  As we look toward the June 1 reinsurance renewal next week, here we review the key GC Capital Ideas stories that have covered the prior renewals this year.

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Chart: 2013 144A Catastrophe Bond Issuance:  Details on each transaction completed during 2013 year to date are presented.

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Most Popular Keyword:  catastrophe bond issuance

 

And, you may have missed…..

Guy Carpenter’s Aidan Pope Named Latin America Reinsurance Broking CEO of the Year: Guy Carpenter is pleased to announce that Aidan Pope has been named “Latin America Reinsurance Broking CEO of the Year” at the Reactions Latin America Awards 2013. Mr. Pope is CEO of Latin America and Caribbean (LAC) Operations for Guy Carpenter and is also on the firm’s Board of Managers.

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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, Inc. 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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