GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/SIPC, today announced the placement of the Series 2013-1 Notes, with notional principal at $400,000,000, through a newly formed catastrophe bond shelf program, Bosphorus 1 Re Ltd., to benefit the Turkish Catastrophe Insurance Pool (TCIP). This is the first time that the TCIP has directly utilized the cat bond market to manage its earthquake risks in the Istanbul region.

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Guy Carpenter’s 2013 Reinsurance Renewal Report Executive Summary was discussed at a press briefing held in London on January 3. It reports that the reinsurance sector enters 2013 equipped with ample dedicated capital and stable pricing. Guy Carpenter found that the January 1, 2013, renewals took place against a stable backdrop, with only loss-affected lines and select regions experiencing price volatility.

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Guy Carpenter & Company has opened its first office in the Middle East and has received a license from the Dubai Financial Services Authority (DFSA) to operate as an insurance intermediary in the Dubai International Financial Centre (DIFC).

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Guy Carpenter  hosted “Volatility - Opportunity or Threat?” the Reinsurance Symposium held in Baden-Baden on October 21. The event examined how volatility is viewed within the insurance and reinsurance sectors, particularly from a financial perspective, and explored the potential which market turbulence can generate.

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Nick Frankland, Chief Executive Officer, EMEA and Franck Pinette, Chief Executive Officer, European Life Business,
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Life and non-life reinsurance are different. One of the major differences is the prominence of the role of the reinsurance broker in non-life reinsurance - more than 75 percent of non-life business is transacted through brokers. This compares with only 5 percent transacted in life reinsurance. Why is there such a pronounced difference? And why is the life market developing a need for more frequent use of brokers?

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In its fifth annual press briefing held at the Reinsurance Rendez-Vous 2012 in Monte Carlo, Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist, addressed the challenging market conditions currently facing the re/insurance industry and highlighted opportunities for growth.

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Nick Frankland, Chief Executive Officer of EMEA Operations, Guy Carpenter, described the market as “a diverse region for Guy Carpenter.” He said: “We have to look in several directions and understand and manage different cultures, regulations and levels of sophistication and development.” He concluded that: “The EMEA region provides a varied market requiring flexibility, nimbleness and a broad and deep level of knowledge, but it is a region we see as full of opportunities.”

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Matthew Day, Senior Vice President
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For the near-term, Lloyd’s announced its most recent three-year strategic plan (2012-2014) in December 2011, laying out its key priorities for 2012 and beyond. The implementation of Solvency II is one of its top priorities. Lloyd’s plans to continue to lobby the Financial Services Authority (FSA) to ensure Solvency II and other planned European regulations are appropriate for Lloyd’s and to fully understand the impact they will have on Lloyd’s international licenses. Despite the continued uncertainty over implementation dates for Solvency II, Lloyd’s will issue guidance on suggested practice and ensure that managing agents and syndicates meet its requirements.

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Matthew Day, Senior Vice President
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Lloyd’s - A Short History

Since it was founded in 1688, Lloyd’s has played a key role within the global (re)insurance sector. The initial focus was to offer shipping and cargo insurance coverage to London merchants traveling around the globe from its original base at Edward Lloyd’s Coffee House.

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