Aon

Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.

The first six months of the year also saw more billion-dollar loss events than average.

Last year’s inaugural Randolph Re issuance was sized at $50.7mn.

The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.

It is understood that he will work on large global client accounts and staff mentoring.

Storms from 16-23 June added to a “very active” quarter for the peril.

Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.

The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.

Global reinsurance capital grew by 3.8% last year, according to Aon’s analysis of 22 reinsurers.

The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.

The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.

Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.