October 23rd, 2015

Week’s Top Stories: October 17 - 23, 2015

Posted at 7:00 AM ET

Reinsurance Mergers and Acquisitions Deja-vu, Buyers Beware: Since 2014, there have been four mergers and acquisitions within the reinsurance space that are pure consolidations rather than transactions by an acquirer from outside the sector. To date, we estimate that this consolidation wave has affected some USD 11 billion of net premium income and 5 percent of the global reinsurance market.

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Baden-Baden Reinsurance Symposium Turns Spotlight on Recent Market Consolidation: Guy Carpenter & Company once again hosted the Reinsurance Symposium in Baden-Baden on October 18. Focusing on the theme of “Consolidation: Who Wins in the Race for Scale?”, leading industry figures shared their views on the recent merger & acquisition activity in the insurance and reinsurance arena, commenting on its impact on market dynamics, the key drivers for consolidation and what factors will contribute to success in the push for scale.

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Businesses and Their Exposures: As referenced in the table Taxonomy of Cyber Risk for Corporations below, the potential losses deriving from cyber-attacks or non-malicious information technology failures fall into 11 categories illustrated in the second table, Loss Categories Deriving From Cyber Attacks and Non-Malicious IT Failures.

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Transforming (Re)insurance Risk: Much of the offering from the (re)insurance market to the capital markets has been concentrated on short-term and short-tailed catastrophe risks. Over the past five years, this has been a successful and growing market sector.  Therefore, until now, the capital markets’ participation has been in a very narrow segment of the (re)insurance market.

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Fifth Annual Insurance Risk Benchmarks Report from Guy Carpenter: Guy Carpenter & Company announced the release of the 2015 Insurance Risk Benchmarks Report titled, Risk and Opportunity In the year of ORSA: Annual Statistical Review. The report is produced annually through Guy Carpenter’s ongoing Insurance Risk Benchmarks research project, which focuses robust analytics on risk and performance in the U.S. property/casualty (P&C) insurance industry.

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And, You May Have Missed…

Chart: 144A P&C Cat Bonds, YTD, 2015: Chart shows that as of September 30, 2015, USD 21.809 billion of P&C 144A catastrophe bond risk capital was outstanding.

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