Property
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low. -
Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The funds will combine credit and ILS holdings.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The volume of property cat aggregates placed grew 50% in 2025.
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Syndicate 1440 was approved to assume business incepting January 2026.
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The data modeling firm said losses previously averaged $132bn annually.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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The estimate covers property and vehicle claims.
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Both organisations still predict an above-average hurricane season.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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California wildfires account for $40bn of the insured loss tally in H1.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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The broker has noted that double-digit reductions are increasingly available in property.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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US events accounted for more than 90% of global insured losses.
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In the US, the index fell 6.7% year on year.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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The loss has decreased by 0.3% since the company’s third assessment.
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Almost 50,000 people have been forced to evacuate.
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Berkshire Hathaway lost market share but remained the largest traditional reinsurer, our study shows.
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The revision is significantly lower than the $4.5bn October estimate.
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California homeowners are also expected to move admitted business to E&S.
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The bond initially sought $425mn across three tranches.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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The Floridian company applied to be traded on the NYSE.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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Torrey Pines Re is split among three tranches of notes.
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The cat bond will initially cover named storms in Florida and South Carolina.
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Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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The reinsurance broker said total reinsurance market capacity was up 5.3% year over year.
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The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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The pricing is at the top end of the initial guidance range of 550-600bps.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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The business offers parametric windstorm coverage.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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Both carriers have extensive reinsurance coverage.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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Almost 300,000 people have been left without power from the storm.
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This loss number covers the property line of business.
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The London D&F market will shoulder most of the losses.
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Eric Paire was head of capital advisory at Aon for nearly seven years.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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Climate change and other loss impacts were not adequately incorporated, sources said.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Several Florida start-ups are poised to begin writing business this year.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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The carrier said 72% of those losses occurred in personal property.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurance Insider ILS revealed last week that the executive was leaving Property Claims Services.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The Class B segment of the bond has priced below initial guidance.
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More than 33,000 claims had been filed as of 5 February.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The role at PCS included acting as primary touchpoint for ILS.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The changes follow a strategic review of the Pool Re scheme in 2022.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The storm is likely to be one of the costliest weather events in Canadian history.
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The bond will provide coverage for named storms in North Carolina.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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But cat bonds are experiencing negative secondary market price movement.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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Theokli joined the company in 2021 as a senior underwriter.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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The figure does not include specie or auto losses.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The company received over 10,100 home and auto claims as of January 27.
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The platform will match partner capital to provide capacity for reinsurance placements.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The former Credit Suisse ILS head Niklaus Hilti said working on life buyout hedges could rejuvenate the life ILS market.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The estimate has reduced slightly since the modeler’s last update in October.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
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Kusche and Rosenberg will co-lead the firm’s global ILS business.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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Investigators are homing in on the likely causes of the incidents.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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Total economic and insured losses are “virtually certain” to reach into the billions.
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This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
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The vehicle is smaller by 8% as White Mountains’ participation grew.
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Moody’s also expects losses in the billions of dollars.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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More than 4,000 acres are burning as thousands evacuate.
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The renewal marks the seventh issue of the retro vehicle.
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The deal comes around three years after Markel sold a controlling interest in Velocity for $181.3mn.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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In June 2023, Hale Partnership got its license from the Cayman Islands Monetary Authority for HP Re.
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In the US, pricing fell by 6.2% at the major renewal.
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Cat bonds were a key supply-side driver at 1 January 2025.
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The broker anticipates strengthening investor demand for collateralised re.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
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The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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The broker estimated ILS capital has reached $107bn.
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Homeowners’ insurance rates have spiked almost 60% since 2018.
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The storms struck Victoria, New South Wales and Queensland.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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Everest is in the process of transforming its ILS offering.
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The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.
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Losses are concentrated in the states of Baden-Wuerttemberg and Bavaria.
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The carrier attributed the intensification of storms this season to climate change.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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The loss figure has increased 200% from the initial number provided in October.
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Other capacity supporting the syndicate is mostly individual Names, sources have said.
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The deal is offering a multiple of 13.6x on the sensitivity case expected loss.
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The floods add to an already historic loss tally for Canada in 2024.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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The new funds will target the US wealth market through financial professionals.
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A total of $2.1bn in Fema money has been approved for the state.
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Tyler left Gallagher Re earlier this year.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
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Stokes has been with Pillar for nearly four years.
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Only around EUR70mn-EUR140mn will fall to private insurers.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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Most of the losses derive from France.
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The firm will provide an update on 22 November to avoid holiday season.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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Nephila revenues would likely have been higher, but for an ‘elevated climate signal’ this year.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The final price fell 14% from the initial midpoint price offered by the sponsor.
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The scheme is researching options for allocating to Lloyd’s.
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The partnership is aiming to bring training and development to the DIFC Authority.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
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The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.
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The cyclone pool received $479mn in GWP in the year to 30 June 2024.
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The deal would represent a diversifying auto risk deal.
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Pricing is expected to “stay neutral of soften” for January renewals.
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The policies assumed represent $200mn of in-force premium.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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As a result of mostly flooding, £495mn ($644mn) of losses occurred in the UK.
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The company said $13bn-$22bn will come from wind damage.
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Losses from the hurricane may not significantly impact on many funds’ annual returns.
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The catastrophe loss estimate for September totalled $889mn, pre-tax.
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.
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The multiple offered on the deal is around 2.5x the expected loss.
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The bond triggers on a parametric, per occurrence basis, across Class A and Class B tranches.
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Most of the insured loss was attributable to wind.
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Icosa said certain cat bonds could see more than 0.2 points of price movement.
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The company incurred $563mn of total cat losses related to the storm.
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The bulls expect around $20bn-$30bn in Milton losses, with the bears anticipating $40bn-$50bn.
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The estimate includes private cover for residential, commercial and industrial property.
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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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The hurricane is likely to prevent rate reductions in property cat in 2025.
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Roman Romeo was named CEO of Reinsurance Solutions in Bermuda in April this year.
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This is based on insured loss estimates of between $20bn and $60bn.
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Milton’s center is projected to make landfall near or just south of Tampa Bay.
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Restrengthening to Category 5 is still possible, Siffert warns.
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The NHC is predicting storm surge, exacerbated by the tide, as high as 15 ft for Tampa Bay.
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A hurricane warning has been issued for the east coast of Florida.
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Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday.
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Parts of the Yucatan peninsula are under a hurricane warning, though the storm is expected to remain offshore.
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The figure does not include NFIP losses.
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Most of the estimated insured losses will be retained by insurers.
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Paul Bantick will continue to oversee the cyber risks division during the search for his successor.
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The numbers will be refined further to arrive at an industry loss estimate.
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Moody’s described Hurricane Helene as “like Idalia but worse”.
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The storm made landfall as a major hurricane in Florida’s Big Bend region.
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The ratings agency expects insured losses of around $5bn for Helene.
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Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.
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An unexpected shift east towards Tampa could push losses beyond $10bn.
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The effort will draw from California’s research and higher education communities.
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The estimate is like others in the market, suggesting a relatively small loss from the event.
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Brokers expect strong competition at remote risk layers at the 1 January renewal.
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The ratings agency said companies focused on growing business in Gulf Coast states, however, would face a “key test” as claims materialised.
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Nick Pritchard has been appointed underwriting portfolio and alternative capital manager.
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A strong forward pipeline will require fast work by ILS investment houses.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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A hurricane watch is now in effect for the Louisiana coastline.
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The carrier said European cat business needs further price improvement.
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Some Canadian cedants have approached the market for top-up cover.
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Guy Van Hecke has spent the last 26 years working at Axa, starting at Axa Corporate Solutions.
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The expanded team aims to increase capability across global specialty lines and property specialty retrocession.
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The loss has increased by 1.4% since the company’s first assessment.
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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Eight Floridians will take on personal residential multi-peril and wind-only policies.
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The US carrier abandoned the project due to high price expectations.
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Urban expansion, climate change and inflation are key drivers of losses.
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The subject business of the deal is Ascot’s ~$1bn property portfolio.
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The rate change will be implemented in November.
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The executive has worked for Scor, RMS, Aon and SiriusPoint, among others.
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The unit will support Ascot’s third-party capital business.
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Positive cat experience impact of $600mn was offset by $500mn in property and specialty reserves.
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Rising premium income is not keeping pace with the increased cost of claims.
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Sources said Guy Carpenter has promoted Jennifer Paretchan to succeed Mowery.
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The ILS business increased H1 fee income by 13% to $68mn.
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Sidecar vehicles are being tailored to match investors’ objectives.
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Allocators are waiting for 2024 to pan out, according to Hiscox CEO Aki Hussain.
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Severe thunderstorms, mainly in the US, accounted for 70% of insured losses globally.
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It consisted of three major earthquakes within a nine-hour period on 6 February 2023.
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Geico more than tripled underwriting profits.
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Total pre-tax cat losses for the quarter grew sixfold YoY to $135mn.
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The slowdown was based on a conviction of “higher likelihood of frequency events” this year.
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The rise is equal to 5%-10% of catastrophe capacity purchased, including cat bonds, depending on region.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The reinsurer raised $84.5mn of third-party capital in the quarter.
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Changes made will make it easier to compare the funds, said Albourne’s Michael Hamer.
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Reinsurer-managers are building out asset management infrastructure as they expand.
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The carrier purchased an additional $150mn of cover.
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The modeller said 3 million homes were without power at its peak.
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Two-thirds of Guy Carpenter’s clients bought more coverage in H1.
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Hennon spent 17 years as professor at the University of North Carolina.
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Most of the losses occurred in Bavaria and Baden-Wuerttemberg.
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The insurance sector’s RoE is expected to exceed 10% next year.
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Uncertainty around the quantum remains due to policy deductible variation.
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The insured loss from Beryl in the US was pegged at $2.7bn.
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The flattish outcome comes after a larger year-on-year hike in January.
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The estimate is up from A$1.5bn, published by Perils in April.
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The broker said high ILS maturities would boost cat bond issuance though the hurricane season would impact capital availability.
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The broker said the mid-year reinsurance renewals benefitted from “more than ample” capacity.
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The groups highlighted technical hurdles to implementation at a Wednesday hearing.
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The model uses machine learning and daily data to forecast hurricane seasons.
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Evercore is leading the capital raise process and Aon is assisting with the Lloyd’s application process.
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The bond is seeking coverage for named storm, severe thunderstorm and winter storm.
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There was a 12% increase in flood sums insured to C$7.3tn.
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Loss estimates are coming in for the weather event in Bavaria and Baden-Württemberg.
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The deal is offering a multiplier of 6.6x on the expected loss.
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Torrential rain caused flash floods in the Gulf States in the middle of April.
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The firm’s P&C and life and health retro buying is being centralised.
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The losses added 12.3 points to the firm's 100.4% CoR.
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The loss follows the pattern of 2002 and 2013 European flooding.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
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Reinsurers “weren’t getting paid” before 2023’s hardening, the Lloyd’s executive argued.
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Reinsurers scaled back their coverage to non-peak events in 2023.
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk.
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The cat bond market was very active in April as spreads began to widen.
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The Abu Dhabi investor is exploring options for fresh investments in (re)insurance and ILS.
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This compares to the 2023-2024 tower which covered losses up to $2.83bn.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker says.
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The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.
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The total economic cost from the catastrophe is estimated to be EUR9bn.
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CEO Wagstaff said the LMG must "compete with other markets".
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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows.
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The carrier reported 1 April price increases of 3.2%.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The pension fund’s ILS allocation as of the end of 2023 was CHF300.3mn ($356.8mn).
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The firm said it expects Capital Partners to continue to grow.
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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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Vincent Pomo spent more than 11 years at Everest Re in a variety of roles.
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The firm expects pricing and terms and conditions to hold.
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The awards event will be held on 27 June at The HAC, London.
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The consortium will offer up to $50mn of per-program capacity.
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The carrier has previously tapped capital markets with Cape Lookout Re transactions.
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The carrier’s Armor Re deal upsized by 33%.
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The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
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Sums insured for European windstorm increased by 10.1% due to inflation.
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The value of White Mountains’ stake in the ILS manager grew last year despite the firm shrinking its holding.
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
