AJ Gallagher

A US landfall is not expected, but the storm could hit the Bahamas by Friday.

Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.

The broker has nearly 20 years of experience in the reinsurance and retro markets.

The US accounted for 92% of all global insured losses for the period.

SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.

Sources believe the market will grow gradually over years after its initial cluster of dealmaking.

SCS losses were also above average in Q1 due to “lingering” La Niña conditions.

Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.

The reinsurance broker said total reinsurance market capacity was up 5.3% year over year.

The March 13-16 storms would mark the first billion-dollar US SCS event of the year.

The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.

Investment in the space comes mainly from the cat bond market, Gallagher Re said.

Redington provides services to UK pension funds, wealth managers and institutional investors.

An unexpected shift east towards Tampa could push losses beyond $10bn.

Francine is expected to make landfall in Louisiana tomorrow.

Growth was driven by increased earnings and capital inflows.

Sources said Guy Carpenter has promoted Jennifer Paretchan to succeed Mowery.

The peril can no longer be considered secondary, according to Gallagher Re.

Debby should be a “very manageable” storm for the (re)insurance market, it said.

Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.

The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.

The broker said it did not anticipate a slew of new entrants, with the possible exception of casualty start-ups.

ILS capital so far is viewed by sponsors as strategic rather than essential.

Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker.

Torrential rain caused flash floods in the Gulf States in the middle of April.

The cat bond will provide coverage across multiple territories in Europe.

The second part of the PoleStar Re issuance takes the bond's total volume to $300mn.

Diversification in perils and regions can help the market grow.

Insured loss for Q1 was 10% higher than the decadal average of $18bn.

Retained earnings resulting from reduced loss activity also helped to boost ILS capital.

Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.

This came as the broker earmarked “material softening” of minimum traditional rates on line.

Driscoll and Lubert have been promoted to presidents.

The vulnerability updates are the biggest driver of loss changes.

2023 was the fourth consecutive year insured cat losses surpassed $100bn.

The deal was brokered by Gallagher Re and provides US cyber insurance event protection.

The head of the ILS international team at Gallagher Securities Europe expects ILS issuance in the region to grow following rises in the European Central Bank rate.

Alexandre Delacroix will lead the Continental hub.

Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.

The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.

The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.

Artex hopes the rebrand will bring greater efficiency and a higher level of service to clients

Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.

The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.

Alexander will join after his competitive restrictions are up.

Climate change is causing an upward trend in losses, but it should not be conflated with the impact of seasonal variability, according to Gallagher Re.

The broker said that $100bn+ loss years have become the “new normal”.

Gallagher Re’s chief science officer warned that US SCS activity will keep rising.

Frontier’s employees, including director and co-founder Peter Brodsky and CEO Derek Winch, will remain in their current roles.

The broker’s half-year 2023 report said reinsurers’ RoE has surpassed the cost of capital for second year running.

The latest loss estimate is little changed from those in the reinsurance broker’s pre-landfall report Tuesday and aligns with estimates from Moody’s RMS pegging Idalia as a $6.3bn loss event.

Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.

WTW is quietly sounding out market executives for a potential relaunch into reinsurance once its two-year non-compete agreement with Gallagher Re ends in December, this publication can reveal.

The loss tally comes in 39% above the average for the 21st century.

The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.

The AJ Gallagher-owned ILS services provider is expanding its footprint globally.

The risk-modelling expert has served at RMS for almost 19 years after joining as a graduate trainee.

In the first quarter of the year, the total global economic loss for all natural hazards was estimated at $77bn.

Gallagher Re is now lead and sole broker for ARC, the Caribbean Catastrophe Risk Insurance Facility SPC (CCRIF SPC) and the Pacific Catastrophe Risk Insurance Company (PCRIC).

Bart Zanelli will work within Gallagher Securities, specialising in capital raising and M&A.