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Martin McCarty’s new responsibilities will include servicing Axis’ strategic capital partners.
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Michael Halsband was formerly a partner at Drinker Biddle & Reath.
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Theo Butt moves up from his managing agency CEO role to take over from Martin Reith who has led the business for the past four years.
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Participants predicted the rate pressure that has been centred on Japan and Florida would have a broader spill-over next year. -
The potential for insured catastrophe losses has increased at an “exponential” rate since the 1970s, the broker said in a report.
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Lawrence Cheng, underwriting managing director of Peak Re, says reinsurers could have done more to foresee Jebi loss creep.
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Richard Brindle also said the cat market is highly sensitive to an additional event, with widespread dislocation possible.
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Manoj Gupta will be taking the new title from Rob Bredahl, who left Third Point Re for TigerRisk in May.
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Estimates of insured losses from Faxai are at around $3bn but sources were cautious given Jebi was initially put at the same level but became a $15bn-plus loss.
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GC Securities president Shiv Kumar urges more evolution as he says ILS capital can make more use of rated paper partnerships.
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A drop in ILS capacity simply reflects the market going through something akin to a traditional underwriting cycle, Invesco ILS portfolio manager Caleb Wong said.
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Cat bond pricing volatility in the first half of the year meant that some cedants didn’t want to risk entering the market, the Willis executive told Trading Risk.
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