January 8th, 2016

Week’s Top Stories: January 2 - 8, 2016

Posted at 8:00 AM ET

Guy Carpenter Reports Stable Capital at January 1, 2016 Renewals: Guy Carpenter & Company reports that overall capital levels dedicated to reinsurance have stabilized, showing no growth for the first time in several years.  In a highly competitive environment, companies assessed broader opportunities and the rate of incoming capital slowed. However, moderate loss experience kept capacity at abundant levels for the January 1, 2016 renewals. The continued scarcity of costly catastrophe losses and more than adequate capacity led to reinsurance pricing reductions, although there are signs the rate of descent is slowing as compared to 2015. 

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Developments in Europe: Changes in Reinsurance Decisions: Recently, we have seen a change in the way reinsurance is viewed in some companies and groups: The chief financial officer increasingly recognizes reinsurance as an instrument to achieve risk and capital management, rather than using capital measures like equity and sub-debt issuances.

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Chart: Global Property Catastrophe ROL Index 1990 to 2016: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2016.

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Guy Carpenter Names Matthias Meyenhofer as Head of Global Partners EMEA: Guy Carpenter & Company announced the appointment of Matthias Meyenhofer as Managing Director, Guy Carpenter, effective immediately.

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Microinsurance Consortium and Venture Incubator Announces New Name: The Microinsurance Consortium, led by a group of leading companies in the insurance industry, announced a new name for their microinsurance venture incubator (MVI) - Blue Marble Microinsurance. The consortium consists of American International Group, Inc., Aspen Insurance Holdings Limited, Guy Carpenter & Company, LLC together with Marsh & McLennan Companies, Inc., Hamilton Insurance Group, Ltd., Old Mutual plc, Transatlantic Reinsurance Company, XL Catlin, and Zurich Insurance Group.

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And, You May Have Missed…

Cyber-Attacks: The UK Government has recognized cyber-attacks to be one of the most significant risks facing the country. The costs to businesses are rising as hackers become more focused and persistent in their attacks. Several attempts have been made to quantify the economic cost of cyber crime on UK businesses. While there are a wide range of estimates, figures consistently range in the billions of pounds.  

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