Casualty/GL
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Indirect exposure to cat risk through long-term investors gives Markel optionality. -
The carrier increased premium by 7% at the January renewals.
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More than 33,000 claims had been filed as of 5 February.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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Amin Touahri spent five years in a variety of roles at Munich Re.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
