Guy Carpenter

The broker also confirms the appointment of James Goodwin as head of power and mining.

Covid-19 claims could make the year the most expensive on record, the broker warns.

Lower deployable capacity and looming Covid risks added pressure, the firm said.

Willis Re’s managing director of UK reinsurance will have a similar role at Guy Carpenter, it is understood.

But the merger will still create opportunities for rival brokers to claim market share.

Isosceles Re will run alongside Cerulean Re, which was set up in 2017 to manage private ILS deals.

Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.

Recent disasters have tested the idea of catastrophe risk as a short-tail risk.

A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.

The firm also added former Aon brokers Robert Johnston and Peter Komposch to the Bermuda office amid the reshuffle.

Cerulean Re has now transacted deals totalling $167.9mn this year.

The potential for insured catastrophe losses has increased at an “exponential” rate since the 1970s, the broker said in a report.