AIG

Jessie Ruppe joins from Arch to oversee casualty ceded reinsurance, while two internal promotions will be responsible for financial lines and property cessions.

Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.

The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.

John Klaus has been named global head of reinsurance placement, after the earlier announcement that Elaine Rocha would take up a newly created role of global chief operating officer.

The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.

Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.

Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.

The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.

Parent company AIG posted an underwriting loss for the period.

The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.

The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.

The CEO called reinsurance an incumbents’ market, despite the influx of new capital.