September 15th, 2017

Week’s Top Stories: September 9 — 15, 2017

Posted at 6:30 AM ET

Hurricane Irma: Hurricane Irma was a large and destructive storm that rendered impacts to most of the Southeast United States including the Florida Keys as well as areas of the Caribbean. Impacts for areas of the Northern Leeward Islands and the Virgin Islands, as well as northern Cuba have been especially severe. For the United States, the most severe impacts have been in the Florida Keys due to both wind and storm surge, with flood impacts as far away as coastal Georgia and northeast Florida. Wind impacts extend from Tennessee to the Carolinas to Florida. At least 67 fatalities have been reported. 

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GC Securities and Marsh Captive Solutions Introduce Cerulean Re: GC Securities, a division of MMC Securities LLC, a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the establishment of Cerulean Re SAC Ltd. (Cerulean), a private syndicated collateralized reinsurance platform and Bermuda registered segregated account company (SAC) and licensed special purpose insurer.

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Run-off Specialists Are Gearing Up For Increased Flows: Challenging markets and active capital management are encouraging carriers to proactively consider reserve solutions; a competitive market for acquisition of run-off assets has broadened; and new entrants are forming in anticipation of increased flows of legacy business.

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Interoperability: A Case for Open Source: There is an industry-wide call for increased transparency in cat modelling; interoperability facilitates the collaboration of multiple data sources; and open source models allow insurers to develop their own view of risk.

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Challenging Market is Fueling MGA M&A: Challenging market conditions are fueling growth and merger and acquisition activity in the managing general agent (MGA) space; recent acquisition multiples have been extremely high compared to historic values; and should markets harden, MGAs will need to continue to prove their value through differentiation.

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And, You May Have Missed…

Industry Must Develop Common Cyber Risk Currency: Data integrity and availability is as critical as data confidentiality; limited ability to quantify dependency is a major cyber inhibitor; and the challenge is to build a clearly differentiated cyber portfolio.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/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. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities LLC, MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. 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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