Property

Christoph Oehy will replace Luzi Hitz in November 2023.

The company wrote the most California homeowners multi-peril insurance, at $2.56bn, and fire lines and home multi-peril insurance, at $2.66bn, in 2022, according to AM Best data.

The reinsurance executive is returning to Ariel Re where she was among the firm's earliest hires in 2005.

Tom Johansmeyer is leaving the business to join reinsurance broker Inver Re.

The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.

Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.

The Bermuda reinsurer is exploring cat bond market options as an alternative to its current retro purchasing.

Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.

This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.

Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.

Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.