As we approach the April 2015 reinsurance renewal, we look back at the Jan. 1 renewal.
Posts Tagged ‘Continental Europe’
Guy Carpenter reports reinsurance pricing fell at the January 1, 2015 renewals in many segments, affecting almost all lines of business and geographies, continuing recent renewal trends.
GC Securities* Completes First Ever Swiss Franc-Denominated Private Catastrophe Bond (“Gurten”) Benefitting Gebäudeversicherung Bern
GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the Regulation S placement of Principal At-Risk Variable Rate Notes (”Notes”) due January 15, 2016, with notional principal at CHF70,000,000 through Kaith Re Ltd., to benefit Gebäudeversicherung Bern (”GVB”). This is the first ever Swiss franc-denominated catastrophe bond and the first time that GVB has utilized the cat bond market to manage its risks.
GC Videocast - Rendez-Vous Press Briefing 2014 (Nick Frankland) Centralization of the Reinsurance Buying Process in EMEA
Nick Frankland, CEO of EMEA operations, Guy Carpenter, reviewed developments in EMEA, where newer capital is yet to have a significant impact. He described the region as “a mature, stable market saturated with existing capacity and clients tending towards buying less reinsurance.” This approach to purchasing he said reflected the continuing centralization of the buying process. “Groups are taking a longer-term and more strategic rather than short-term tactical approach,” he stated. “This in turn has seen a smaller number of reinsurers selected as long-term strategic partners.” Opportunities for growth in such an environment however still remain, he said. “Future growth for a reinsurance broker demands a thoughtful, strategic, analytical and intellectual value offering above and beyond traditional structuring and placing.”
The 15th European Conference on Earthquake Engineering will take place in Istanbul, Turkey, on August 24 - 29, 2014. This very important event is held every four years and brings together the most renowned experts on seismology, vulnerability, risk and structural and geotechnical engineering. The most recent advances in the field of hazard and risk assessment, loss estimation and seismic design will also be presented and discussed.
Following a period of benign storm activity, weather patterns have shifted into a more active pattern producing heavy rains, high winds and substantial losses. Here are four CAT-i storm reports on volatile storm activity within the past six weeks.
Severe Weather Outbreak in U.S.: June 16, 2014: An especially volatile environment produced a violent severe weather outbreak yesterday affecting areas of Nebraska, Iowa and Wisconsin. Severe to complete property damage was reported in Pilger, Nebraska and surrounding areas. Initial evidence indicates two tornadoes in close proximity near Pilger, with EF-2 to EF-3 intensities.
Severe Weather Outbreak In U.S.: June 3, 2014: A severe weather outbreak led to excessive wind gusts, significant hail, and a handful of tornadoes on June 3, according to reports. The area most severely affected covers the eastern two thirds of Nebraska together with portions of Iowa, Missouri, Kansas and Illinois.
Balkans Floods: Heavy rain has caused widespread flooding across several countries in the Balkans region of Southeast Europe. Serbia, Bosnia and Herzegovina and Croatia were badly affected by the floods in May. According to Serbia’s Meteorological Institute, three months’ worth of rain fell in just three days in mid-May, resulting in the worst floods to hit the country since rainfall measurements began some 120 years ago. Bosnia also experienced its heaviest rainfall since records began in 1894, reports said.
Severe Weather Outbreak in U.S.: April 26 to 30, 2014: A multi-day severe weather outbreak rendered severe impacts from April 26 to 30 affecting a large area of the United States. The outbreak is occurring along a powerful spring frontal system that evolved from the Southern Rockies and pressed towards the Southern Great Lakes and is now affecting the Atlantic Coast. According to the U.S. Storm Prediction Center (SPC), there are widespread reports of straight-line (nontornadic) wind and hail over the Southern States, Midwest and Lower Great Lakes. Tornado reports are widespread, with strong to violent tornadoes reported in states including Alabama, Arkansas, Kansas, Tennessee, Iowa and Mississippi. Severe flooding has also been reported in Alabama and Florida.