News roundup


Marsh acquires Jelf B


roker Marsh has agreed to acquire independent insurance broker Jelf for 215p ($3.3) per share. Marsh said that the acquisition will further


develop its ability to expand the services it provides to UK small and medium-sized enterprises (SMEs), in line with its global ambition in this segment. As part of its ambitions, the broker has also


acquired Leeds-based SMEi Insurance Services and Aberdeen-based Central Insurance Services. Marsh said that


the addition of Jelf ’s


businesses will also significantly strengthen its distribution platform through their branches, affinity partners and direct channels. Founded in 1989, Jelf has 37 offices across


the UK. n


Folgate goes active again F


iberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has


unveiled plans for Lloyd’s insurer Novae’s Zurich-based credit and surety


reinsurance


team to transfer to LSM. The move is part of LSM’s drive to build local


expertise and strength in its key international market and consistent with Novae’s strategy of focusing on its specialty insurance classes. The three-strong team, led by Christoph


13.09.15 SUNDAY


Liberty takes credit/surety team L


Smith, LSM’s active


Nienhaus, will be based in Zurich. As part of the agreement, LSM will be able to


offer renewals of the team’s portfolio. The book focuses on Europe, Latin America, Africa and Asia. Peter


underwriter,


said: “Reinsurance is absolutely central to our business model and future development plans. The arrival of the credit and surety team from Novae allows us to make a real mark in Europe, Africa and Asia.” n


olgate Insurance Company has returned to active underwriting a year after being


acquired by APC Underwriting. In conjunction with a Lloyd’s syndicate,


Folgate will begin underwriting on a quota share basis. Its combined £30 million ($46 million) of


capacity will support the expansion plans of APC’s managing general agent (MGA) in the UK and Continental Europe. Additionally, it plans to provide capacity for other MGAs in 2016. n


Christoph Nienhaus


Cat bond coverage reaches $24bn C


atastrophe bond coverage has hit a $24 billion year-end high, despite a decrease


in catastrophe bond issuance from last year, according to Aon Securities, in its latest report which analyses the key trends witnessed in the 12 months to June 30, 2015 in the ILS market. Annual cat bond issuance reached $7 billion, a


decrease on the record-breaking prior year of $9.4 billion, but still the third highest annual issuance in the sector’s history. Throughout the period, 25 transactions closed,


including two life and health transactions, and $5.9 billion of bonds matured. According to Aon Securities, US exposures


continued to dominate the catastrophe bond market, with 22 of the 25 transactions comprising US risk in some capacity. Dedicated Japan risk was covered in two transactions and standalone Europe risk in one transaction.


A number of new records were set in the


market, with a record first quarter issuance of $1.7 billion across eight transactions. Additionally, there was a record average


transaction size of $279 million for any 12-month period ending June 30 and a record number of catastrophe bonds on-risk ($23.5 billion) for a June 30 period end. Over the year, eight quota share sidecar


transactions closed, totalling $955 million for the seven sidecars that disclosed their sizes, and the industry loss warranties market increased from $3.5 billion to an estimated $4 billion. Paul Schultz, CEO of Aon Securities, said:


Paul Schultz www.intelligentinsurer.com | www.bermudareinsurancemagazine.com


“The decrease in catastrophe bond issuance during the 12 months was in part due to the reaction of the traditional and collateralised reinsurance players to the heightened competition from the catastrophe bond market.” n


DAY 1: Sunday September 13 2015 | MONTE CARLO TODAY | 25


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