Posts Tagged ‘Week in Review’



July 31st, 2015

Week’s Top Stories: July 25 — 31, 2015

Posted at 7:00 AM ET

Atlantic Hurricane Season, Historical Impacts - Hurricane Audrey: Hurricane Audrey made landfall as a Category 4 hurricane on the Saffir-Simpson Scale in 1957.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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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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Guy Carpenter Mid-Year Review Assesses Key Industry Trends: Guy Carpenter released its 2015 Mid-Year Report on the (re)insurance landscape. In addition to providing a brief recap of renewal activity highlighted in their release on July 9, the report assesses key industry trends, including a detailed assessment of mergers and acquisitions activity and highlights other notable themes such as cyber security risk, increased regulation and public-private partnerships.

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Managing Catastrophe Model Uncertainty, Issues and Challenges: Here we repeat our popular series authored by John Major, which focuses on the issues and challenges in managing catastrophe model uncertainty.

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And, You May Have Missed…

Repeat Cat Bond Issuers, Q1 2015: Six repeat sponsors re-entered the market in the three months ending March 31, each issuing either replacement coverage or additional limit in advance of the North Atlantic wind season. Many of the repeat sponsors sought to continue to take advantage of attractive pricing as demonstrated by Catlin’s Galileo Re Ltd. Series 2015-1 Notes. This particular transaction was Catlin’s second catastrophe bond issuance through the Galileo Re Ltd. catastrophe bond facility and fifth overall 144A catastrophe bond issuance, with the 2015-1 tranche sitting below the outstanding Series 2013-1 layer. The 2015-1 Notes demonstrate that investors continue to show an interest in high risk/higher yielding products as the initial risk interest spread on the Galileo Re Series 2015-1 Notes is 13.50 percent with a modeled annual expected loss of 8.60 percent on a sensitivity basis - based on AIR risk analysis.

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Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

July 24th, 2015

Week’s Top Stories: July 18 — 24, 2015

Posted at 7:00 AM ET

2015 Atlantic Hurricane Season: Tropical Storms Ana And Bill Rush In On Expected Quiet Season: As with any season, a landfalling hurricane can be a serious threat regardless of seasonal outlooks for the Atlantic Basin at large.

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Guy Carpenter Mid-Year Review Assesses Key Industry Trends: Guy Carpenter released its 2015 Mid-Year Report on the (re)insurance landscape. In addition to providing a brief recap of renewal activity highlighted in their release on July 9, the report assesses key industry trends, including a detailed assessment of mergers and acquisitions activity and highlights other notable themes such as cyber security risk, increased regulation and public-private partnerships.

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Guy Carpenter Launches MetaRisk® ReserveTM 4.5: Guy Carpenter announced the launch of MetaRisk® ReserveTM 4.5. The latest version of this powerful reserve risk modeling solution delivers a faster and more flexible aggregation tool as well as an updated and unique predictive model for calculating Solvency II and ORSA issues.

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Guy Carpenter Asia-Pacific Climate Impact Centre Publishes 2015 Predictions for Tropical Cyclone Formations and Landfalls: The Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC), a joint initiative of the City University of Hong Kong and Guy Carpenter, and the School of Energy and Environment, City University of Hong Kong, released their 2015 predictions for tropical cyclone formations and landfalls.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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And, You May Have Missed…

Chart: Return On Revenue For Guy Carpenter Reinsurance Composite, Q1 2015: Chart presents return on revenue for the Guy Carpenter Global Reinsurance Composite, 2004 through first quarter 2015.

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July 17th, 2015

Week’s Top Stories: July 11 — 17, 2015

Posted at 7:00 AM ET

Guy Carpenter Mid-Year Review Assesses Key Industry Trends: Guy Carpenter released its 2015 Mid-Year Report on the (re)insurance landscape. In addition to providing a brief recap of renewal activity highlighted in their release on July 9, the report assesses key industry trends, including a detailed assessment of mergers and acquisitions activity and highlights other notable themes such as cyber security risk, increased regulation and public-private partnerships.

Read the article>>

 

Specialty Insurance Programs Poised for Growth and Opportunity in 2015, According to Guy Carpenter Survey: Guy Carpenter released the findings of its ninth Specialty Insurance Program Issuing Carrier Survey. The survey, which analyzes trends and benchmarks across the Program Administrator and Managing General Agency (PA/MGA) market, asserts that the PA/MGA market continues to thrive, with a positive outlook and growth opportunities expected for the year ahead.

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Chart: Source Of Earnings For Guy Carpenter Reinsurance Composite, Q1 2015: Chart presents source of earnings for the Guy Carpenter Global Reinsurance Composite for the first quarter, 2015 compared to first quarter, 2014.

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Chart: Return On Equity For Guy Carpenter Reinsurance Composite, Q1 2015: Chart presents return on equity for the Guy Carpenter Global Reinsurance Composite, 2004 through first quarter 2015.

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GC Securities* Completes Catastrophe Bond Panda Re Ltd. Series 2015-1 Notes Benefiting China Property & Casualty Reinsurance Company Ltd. and China Reinsurance (Group) Corporation: GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the placement of Series 2015-1 Class A Principal At-Risk Variable Rate Notes due July 9, 2018, with notional principal of USD 50,000,000, through a newly formed catastrophe bond shelf program, Panda Re Ltd., to benefit the China Property & Casualty Reinsurance Company Ltd. and China Reinsurance (Group) Corporation (collectively “China Re”).

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And, You May Have Missed…

Guy Carpenter Asia-Pacific Climate Impact Centre Publishes 2015 Predictions for Tropical Cyclone Formations and Landfalls: The Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC), a joint initiative of the City University of Hong Kong and Guy Carpenter, and the School of Energy and Environment, City University of Hong Kong, released their 2015 predictions for tropical cyclone formations and landfalls.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

July 10th, 2015

Week’s Top Stories: July 4 — 10, 2015

Posted at 7:00 AM ET

Cyber-attacks: Mounting Concerns: Here we review recent GC Capital Ideas stories on mounting concerns over cyber-attacks.

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July 1 Renewals Reveal Price Declines Moderating Especially for US Wind-Exposed Programs: Guy Carpenter released its July 1 Renewal Briefing  that shows price declines have continued to moderate, predominantly on programs covering US wind. Overall pricing was down again at the July renewal across virtually all geographies and lines of business. However, additional limit placed over the past few months is partially responsible for the stabilization of price declines, particularly for US property. Increased demand for reinsurance and expansion of tailored coverage persisted through the July renewal period from previous seasons.

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Benchmarks for Enterprise Risk Management Disclosures: Here we present GC Capital Ideas’ stories on analyses of enterprise risk management disclosures. A 2014 study updated the analysis done in 2009, one of our most popular stories.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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GC Capital Ideas Most Recent CAT-I Stories For 2015: Here are the most recent CAT-i stories covering January through June of 2015.

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And, You May Have Missed… 

Insured Cat Losses - Asia/Australasia - 2014: Asia and Australasia endured their share of both natural and man-made catastrophes in 2014 with 23 percent of estimated global insured losses in 2014. Notable events in the region included the disappearance of Malaysian Airlines Flight 370 in the first quarter and the crash of AirAsia Flight 8501 near Indonesia in December.

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July 3rd, 2015

Week’s Top Stories: June 27 — July 3, 2015

Posted at 7:00 AM ET

First Time Cat Bond Issuers, Q1 2015: In a promising sign for the 144A P&C catastrophe bond market, one new issuer successfully obtained capital markets protection during the first quarter. Safepoint Insurance Company, seeking to establish long-term relationships with alternative capital providers, issued USD100 million of Principal At-Risk Variable Rate Notes via a newly established catastrophe bond shelf program, Manatee Re Ltd. Series 2015-1. As the deal upsized from USD75 million, the insurance-linked securities investor base accommodated the growing Florida insurer, clearly demonstrating investors’ willingness to assume risk from start-up and/or growing insurance companies seeking protection in 144A bond format.

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Guy Carpenter Names Tim Gardner CEO of U.S. Operations: Guy Carpenter announced the appointment of Tim Gardner as CEO of U.S. Operations effective August 1, 2015. Mr. Gardner will be a member of the Guy Carpenter Board of Managers and he will be based in New York.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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Private Catastrophe Bond Market, Q1 2015: The private catastrophe bond market continues to grow steadily in 2015, with USD196.7 million of limit placed in rule 4(2) private placement format via six transactions through March 31, 2015. The 2015 year-to-date volume (through March 31, 2015) has exceeded the total full-year issuance in the individual years 2011, 2012 and 2013. Total year-end issuance in 2014 was USD561.5 million across 17 transactions. As the industry continues to develop and enhance platforms to facilitate issuance of smaller catastrophe bonds, it is likely the market will continue to see further issuance in such a format over 2015.

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June 1, 2015 Renewals Show Rate of Price Declines Moderating: Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), reports that after two years of  price decreases averaging 15 percent on U.S. property catastrophe placements, risk-adjusted pricing moderated at the most recent June renewals.

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And, You May Have Missed…

Insured Cat Losses - Europe/Middle East/Africa - 2014: Insured losses for the regions encompassing Europe, the Middle East and Africa accounted for around 21 percent of global insured losses in 2014. The most significant events included the severe convective outbreak (hail and windstorm Ela) that affected areas including Germany, France, Belgium and Austria. A frontal boundary crossing the area initiated severe thunderstorms and supercells. The thunderstorms inflicted damaging wind gusts and hail over a widespread area with reports of hail exceeding seven centimeters (2.8 inches) in diameter and isolated reports of hailstones as large as 12 centimeters (4.7 inches). Estimated insured losses from this event were around USD2.8 billion.

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Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

June 26th, 2015

Week’s Top Stories: June 20 — 26, 2015

Posted at 7:00 AM ET

Evolving Role of Reinsurance in Public Sector Risk: Here we review the evolving role of reinsurance in mitigating public sector risk through the expanding deployment of reinsurance and capital market solutions.

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Guy Carpenter Releases 2015 Atlantic Hurricane Season Briefing: Guy Carpenter released a briefing on the 2015 Atlantic hurricane season. According to the report, hurricane activity for the Atlantic Basin is projected to be below average for the 2015 season although impactful landfalls can occur in any hurricane season, even those of reduced activity.

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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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Chart: Q1 Cat Bond Issuance Reaches Historic Volume: Chart presents the 144A P&C catastrophe bond issuance from 1998 through the first quarter of 2015. The first quarter is particularly active in terms of issuance for the P&C cat bond market and this characteristic continued into 2015 as USD1.49 billion of 144A P&C cat bond limit was successfully placed with investors, the highest first quarter volume in history.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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And, You May Have Missed…

Guy Carpenter Announces MetaRisk® 8: Guy Carpenter announced the release of MetaRisk® 8, the latest version of the firm’s premier risk and capital management decision-making tool.

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Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

June 19th, 2015

Week’s Top Stories: June 13 — 19, 2015

Posted at 7:00 AM ET

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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Cyber-attacks: Mounting Concerns: Here we review recent GC Capital Ideas stories on mounting concerns over cyber-attacks.

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Cat Bond Update: Q1 2015 - Issuance Reaches Historic Volume: GC Securities’* briefing, “Catastrophe Bond Update: First Quarter 2015″ is now available.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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Parametric CAT Derivatives to “Build Back Better”: Destruction caused by catastrophes often unfolds due to inadequate construction practices or land use planning. The likely response to these events is to strive to “build back better,” in part by addressing the mistakes of the past. Unfortunately, communities that embrace this challenge often find that they lack the financial resources for it and ambitious reconstruction projects lose momentum.

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And, You May Have Missed…

Tropical Storm Bill: Tropical Storm Bill made landfall at about 11:45 CDT (16:45 UTC) on Matagorda Island, Texas, according to the National Hurricane Center (NHC). Maximum sustained winds at landfall were 60 mph according to the NHC. Bill inflicted storm force winds, a storm surge of at least three feet and heavy rainfall to an area still saturated from the excessive rains of last month.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

June 12th, 2015

Week’s Top Stories: June 6 — 12, 2015

Posted at 7:00 AM ET

Guy Carpenter Launches CAT Risk Studio to Enhance Catastrophe Risk Analysis Capabilities: Guy Carpenter launched CAT Risk Studio (CRS), a new division that will support Guy Carpenter’s Model Suitability Analysis (MSA)® initiative and will work closely with GC Securities* on the development of parametric products for catastrophe risk transfer. CRS establishes Guy Carpenter’s presence at the Marsh & McLennan Innovation Centre in Dublin, Ireland.

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Guy Carpenter Launches the Financial Institutions and Cyber Components of the GC ForCas℠ Casualty Catastrophe Modeling Platform: Guy Carpenter announced the launch of the Financial Institutions and Cyber components of the GC ForCas casualty catastrophe modeling platform. GC ForCas is a stochastic modeling platform developed to help insurance carriers better understand their exposure to casualty catastrophe losses resulting from the accumulation of U.S. Commercial Lines insurance policies.

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June 1, 2015 Renewals Show Rate of Price Declines Moderating: Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies, reports that after two years of  price decreases averaging 15 percent on U.S. property catastrophe placements, risk-adjusted pricing moderated at the most recent June renewals.

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Global Catastrophe Overview - 2014: 2014 was a quiet year, with significant insured losses totaling around USD33 billion. Insured losses were below the ten-year and five-year moving averages of around USD59 billion and USD56 billion, respectively.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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And, You May Have Missed…

GC Securities* Completes Catastrophe Bond Alamo Re Ltd. Series 2015-1 Notes for the State of Texas’s Windpool: GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the placement of the Series 2015-1 Notes, with notional principal of USD 700,000,000, through the existing catastrophe bond shelf program, Alamo Re Ltd., to benefit the Texas Windstorm Insurance Association (TWIA). This is the largest 144A catastrophe bond completed to date in 2015 and the second time that TWIA has utilized the cat bond market to manage its tropical cyclone risks.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

June 5th, 2015

Week’s Top Stories: May 30 — June 5, 2015

Posted at 7:00 AM ET

June 1, 2015 Renewals Show Rate of Price Declines Moderating: Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), reports that after two years of price decreases averaging 15 percent on U.S. property catastrophe placements, risk-adjusted pricing moderated at the most recent June renewals.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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Chart: Significant Insured Losses - 2011 to YE 2014: Reports losses by quarter.

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GC Securities* Completes Catastrophe Bond Cranberry Re Ltd. Series 2015-1 Notes for the State of Massachusetts’s Residual Market Insurer: GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the placement of Series 2015-1 Class A Principal At-Risk Variable Rate Notes due July 6, 2018, with notional principal of USD 300,000,000, through a newly formed catastrophe bond shelf program, Cranberry Re Ltd., to benefit the Massachusetts Property Insurance Underwriting Association (MPIUA).

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U.S. Texas and Oklahoma Flooding - Update: Another round of heavy thunderstorms and intense rainfall affected the Southern Plains over the weekend. This follows a month of excessive rainfall in the area, with frequent periods of organized and slow-moving intense thunderstorms. Widespread and severe flooding has affected many areas, including flash flooding in both the Houston and Dallas-Fort Worth areas. Many area rivers have yet to crest after the last round of heavy rainfall.

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And, You May Have Missed… 

Benchmarks for Enterprise Risk Management Disclosures: Here we present GC Capital Ideas’ stories on analyses of enterprise risk management disclosures. A 2014 study updated the analysis done in 2009, one of our most popular stories. The full briefings are attached.

Read the article>>

 

Click here to register to receive e-mail updates>> 

*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

May 29th, 2015

Week’s Top Stories: May 23 — 29, 2015

Posted at 7:00 AM ET

Benchmarks for Enterprise Risk Management Disclosures: Here we present GC Capital Ideas’ stories on analyses of enterprise risk management disclosures. A 2014 study updated the analysis done in 2009, one of our most popular stories. The full briefings are attached.

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Chart: Combined Ratio For Guy Carpenter Composite, YE 2014: Chart presents combined ratio for the Guy Carpenter Global Reinsurance Composite, 2004 through year end 2014.

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U.S. Texas and Oklahoma Flooding: Organized thunderstorm clusters produced excessive rainfall over the Memorial Day Weekend, triggering extreme flooding in parts of Texas and Oklahoma. In Houston, Texas, 11 inches of rainfall was unofficially reported between 9 p.m. CDT Monday through 3 a.m. CDT Tuesday. Austin, Texas also experienced seven inches of rainfall.

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Chart: Global Property Catastrophe ROL Index 1990 to 2015: The Guy Carpenter Global Property Catastrophe Rate on Line (ROL) index is presented for 1990 through 2015.

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Emerging Risk Challenges And Opportunities: A cursory reading of just a few of the publications on the topic of emerging risks quickly resembles a crash-course in risk aversion therapy. We have been subjected to a bewildering and ever lengthening series of lists of emerging risks. Swiss Re recently identified 26 such risks, Hannover Re has an ongoing list of 14 while the World Economic Forum in its Global Risks 2014 lists 31 global risks.

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And, You May Have Missed…

GC Securities* Completes Catastrophe Bond Pelican III Re Ltd. Series 2015-1 Notes for Louisiana Citizens Property Insurance Corporation: GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the placement of the Series 2015-1 Notes, with notional principal at $100,000,000, through a newly formed Bermuda domiciled catastrophe bond shelf program, Pelican III Re Ltd., to benefit Louisiana Citizens Property Insurance Corporation (”LA Citizens”). This is the third time that LA Citizens has utilized the cat bond market to manage its tropical cyclone risks.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., 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 Corp., 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. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.