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David Baldwin joins from EIRS where he was a senior reinsurance consultant.
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Lyon joins the reinsurance broker from law firm Skadden, Arps, Slate, Meagher & Flom.
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Up to nine million acres of US land are considered likely to burn.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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As with 2024, pricing pressure has been most acute on top layers.
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The Altamont-backed broker has been building out its team since launching in 2023.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.