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From seeing ILS as a fleeting competitor to a complement to traditional reinsurance, Denis Kessler’s descriptions of the alternative market were always colourful.
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Previously, Shaw was lead underwriter at MS Reinsurance and lead underwriter at MS Amlin’s Bermuda office. -
The long-serving executive turned around the fortunes of the French reinsurer in a two-decade stint as leader.
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Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The executive will report to president and CEO Dean Klisura.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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The carrier has announced several changes to its management committee before revealing its new strategic plan early next year.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
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The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.
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The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
