tionate year in terms of U.S. versus Lloyd’s,”
says Eltham.
continued from page 28
“Then you get those who have been
absolutely hit by RMS version 11, and their
prices have gone up,” he says. “They are
in wind-catastrophe areas that RMS has
trend; “not a stampede, but pockets and
careful strategic moves,” he adds.
TREND: BUYERS RETURNING
TO LONDON
Lately, Eltham says, London orders
are beginning to increase again.
“It looks as if strategically, buy-
ers are saying, ‘in London, the
security is good, the claims pay-
ments have improved in terms of
speed’—all the reforms that Lloyd’s
is trying to introduce.”
Another trend, Eltham says, are the
opportunistic buyers who are beginning to
shop around more, which is also leading to
increasing activity levels in London.
STEPPED-UP RISK-MANAGEMENT STRATEGIES
Eltham credits the risk-manage-
ment community in the U.S.,
which he says “is doing a re-
ally good job” in looking at its
risks. “They’re going through
identification, qualification and
now the quantification phase of
what they’ve got.”
The Japanese quake really
grabbed people’s attention. “Even
if they haven’t suffered direct losses from
that event, it has been a wake-up call [for
risk managers],” he says. “Going through a
quantification process takes time. They are
It looks as if strategically, buyers
are saying, ‘in London, the security is
good, the claims payments have improved
in terms of speed’—all the reforms that
Lloyd’s is trying to introduce.”
John Eltham, head of North American brokerage business
for London-based Miller Insurance Services Ltd.
pushed up, and they are no longer a natural
fit for the domestic market, so they have
been driven to London.”
So far this RMS issue is a burgeoning
A.M. Best’s London View: Reserves a Concern
AT ITS INSURANCE Market Briefing in London last month, Catherine Thomas, director of analytics for
A.M. Best, delivered this observation of the
London market:
“Catastrophe losses, a difficult trading
environment and shrinking reserve releases
are together putting considerable pressure
on underwriting results this year, and in-
vestment earnings are providing little relief.
“In general, London-market insurers
are well-placed to meet these performance
challenges. They entered 2011 with strong
balance sheets, and losses to date are man-
ageable from a capital standpoint.
“Catastrophe experience is not the only
issue that London-market insurers are facing
this year. In the casualty sector, weak pricing,
particularly in the U.S., is putting downward
pressure on profit margins and uncertainty
regarding reserve adequacy is growing.
“This is of particular concern, given the
growth seen from London-market companies in the primary U.S. market in recent years—with a number setting up local
admitted and surplus-lines insurers.” NU
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