Swiss Re
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales. -
Jacques de Vaucleroy has been appointed vice chairman as the carrier seeks a new chairman.
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The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.
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Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.
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The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.
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The head of property and specialty underwriting reinsurance posted on LinkedIn that he had brought forward his planned departure from the firm after 35 years.
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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The executive was previously head of casualty underwriting for EMEA.
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Cedants are grappling with rising rates while coverage narrows.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
