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The executive is charged with defrauding investors out of nearly $500mn. -
While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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The carrier will continue to write assumed retro in Bermuda.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Ryan Saul will work at Ledger’s broker-dealer subsidiary Ledger Capital Markets.
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The hire is the hedge fund manager’s third ILS appointment in the past year.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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Newsom has yet to sign a pending bill to create a public cat model.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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Toh joins from Nephila, where he spent the last decade, bringing expertise in ILS.
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The alternative asset manager was founded in 2021 with offices in London, New York and Abu Dhabi.
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Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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The executive has worked at Aon for almost two decades.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The new Verisk SCS model is increasing expected losses on aggregate bonds.
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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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The tropical cyclone is expected to be named Imelda.
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In the new role, Edward Johnson will be rejoining former Aon Securities colleague Chris Parry.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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The ILS services specialist has worked in the ILS market in Bermuda for 10 years.
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Charles Mixon joined the firm a year ago in a business development role.
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Despite the formation of Gabrielle, there is "a very high probability" of a below-average season.
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The resource was developed by leading ILS managers and investors.
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The major storm is set to move on to mainland China later in the week.
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Deals would need to be sized at $50mn plus for transfer to capital markets.
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The economic loss from the event was around EUR7.6bn.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The sidecar will support five programs providing specialty frequency coverages.
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Axa IM’s acquisition by BNP Paribas was confirmed in July 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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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The market has learned lessons from earlier soft market phases that it will apply now.
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Losses were primarily driven by personal property lines.
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The tech firm is building a joint stock company with insurers and investors.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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Scott Cobon's most recent title was MD, insurance management services.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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Hannover Re Capital Partners is in talks with two investors for 1 January launch.
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The leadership’s commentary spotlighted to value of ILS to the group.
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The sponsor extended two notes issued in 2022.
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It is understood that CyberCube has been considering a sale of the business.
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The volume of property cat aggregates placed grew 50% in 2025.
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Bohm has held senior roles at BMS, Swiss Re and Aon during his career.
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The trend for private credit in alternative asset management is “set to continue”.
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The investment bank had stopped offering ILS services last September.
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The data modeling firm said losses previously averaged $132bn annually.
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The ratings agency warned negative PYD on US casualty will likely continue.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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The Japanese carrier faces integration challenges to make a success of the deal.
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The global specialty player is also exploring ILS offerings across specialty and cat bonds.
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The violations included not using propertly appointed adjusters and failing to pay claims.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The firm has also updated the loss-calculation engines of existing Jeannie tools.
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The CUO has added the role of head of private ILS, joining the executive team.
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The purchase brings Sompo an established ILS platform as part of the deal.
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Last year marked the second consecutive year in which carriers made a positive return.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The group claims the White House is undermining disaster preparedness.
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Benjamin Baltesar spent more than six years at Euler ILS.
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The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The vehicle will support Platinum Specialty Underwriters, XPT Group’s MGA underwriting unit.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The company plans to launch in New York and New Jersey next year.
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American Integrity grew GWP by 30% to $287mn and Slide GWP was up 25% to $435mn in Q2.
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The estimate covers property and vehicle claims.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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ILS investors have fought shy of multi-peril aggs due to low confidence in SCS modelling.
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Both organisations still predict an above-average hurricane season.
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The Florida carrier said ceded premiums will rise slightly to $106mn in Q3.
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The reinsurer’s chair said cat pricing reductions are at a “miniscule level”.
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Aspen’s gross premium cession ratio grew 7.1 percentage points to 42.2%.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The transaction is expected to close later this year.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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The forecast has increased since the early July update due to several additional factors.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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The carrier posted its H1 results earlier today, beating analyst consensus.
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The unit said capital in the ILS market remains more than adequate to meet rising demand.
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California wildfires account for $40bn of the insured loss tally in H1.
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The company also purchased $15mn of SCS parametric coverage.
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In Q2 last year, Everest ceded $26mn in losses to Mt Logan.
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The new team will be headed by Brown & Brown’s Ed Byrns.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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Nationwide will delegate management of the policies to Ryan Specialty.
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The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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This brings the carrier’s total limit on the program to $1.8bn.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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Matthew Flynn joins from RenaissanceRe.
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Insured losses produced the second highest first-half tally since records began in 1980.
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The figure updates an April estimate of EUR696mn.
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Brian Hickey joins the firm from PE specialist AE Industrial Partners.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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Reserve releases helped to recapture deferred fees.
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The consultation period around UK ISPVs was opened in November last year.
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The proposed reforms are designed to put the UK’s regulatory framework on par with Bermuda and the US.
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CFO Christoph Jurecka will succeed as management board chair.
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He replaces Andrew Hughes, who held the role since 2021.
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The broker has nearly 20 years of experience in the reinsurance and retro markets.
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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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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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The firm reported a net pre-tax cat loss of $414mn from January’s LA wildfires.
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Managers believed end-investors value diversification and non-correlation of cat bonds over liquidity.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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Matthew Towsey has spent 14 years at Aon.
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The suit claims billions of dollars are being illegally withheld.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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The PRA will also have to report on turnaround time for new approvals against 10-day and six-week targets.
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State legislation has led to major strides in rate adequacy.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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Category 4 and 5 storms could become more common and hit further north.
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Former ILS lead Matt Holland left the company in May.
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He had spent 10 years at Securis, with seven of them as COO.
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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 weather-modelling agency is predicting a below-normal season.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Bermudian ILS manager has recently changed its name from Mereo Advisors.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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This comes in at the lower end of the initial spread guidance of 725-775 bps.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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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 Cayman Islands-domiciled SPI now has four institutional backers.
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Property cat-focused sidecar capital was up by approximately 10% in H1.
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The company said the reduction was due to years of steady improvements.
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Richardson has been with the firm since 2015 and was most recently vice chair and chair of international.
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The programme’s total limit this year is down $594mn to $1.36bn.
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The sidecars will provide capacity for reinsurers and large insurance carriers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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The third-party capital manager is a new entrant to the retro space.
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The measure could have landed insurers with extra tax on US business.
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The body said cat bonds are closer to an insurance product than a security.
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Michael Hamer recognised for his work with investors and on reporting frameworks.
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point.
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Buyers have turned to retro markets for covers where ILW pricing is less attractive.
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The Californian insurer had a private deal, Randolph Re, that provided pure wildfire protection.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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Harry White has been with Verisk for 14 years, while Ted Gregory has been with PCS for 12.
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John Kulik will work within Ledger’s broking team, Ledger Investing.
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In April, the loss modeller pegged losses at A$2.57bn.
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The documents figure in a potential criminal case against a CCB employee.
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The Bermuda-based team is led by John Fletcher.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The loss has decreased by 0.3% since the company’s third assessment.
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The number has expanded by around 40% from an earlier update, sources said.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The executive has 15 years of experience in meteorology and cat analytics.
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William Soares moves from casualty and specialty CUO to president.
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She was previously head of investor relations and business development for North America and Australia at Securis.
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HCI secured three towers with $3.5bn in XoL coverage.
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David Baldwin joins from EIRS where he was a senior reinsurance consultant.
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Lyon joins the reinsurance broker from law firm Skadden, Arps, Slate, Meagher & Flom.
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Weston Tompkins spent 10 years in an investor relations role at Securis.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The $2.59bn renewal is up 45% from last year.
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Up to nine million acres of US land are considered likely to burn.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Most of the losses are attributable to a supercell storm in Texas.
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The company also has $100mn for US hurricane events.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Property cat XoL rates were off by around 10% on average on a blended risk-adjusted basis.
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Bredahl has been appointed CEO and Bonneau as chairman.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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The pension plan has been allocating to ILS since 2005.
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The firm is pressing ahead with IPO plans just ahead of the start of the Atlantic storm season.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The ILS market has won market share at the top of programmes as buying expands.
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Almost 50,000 people have been forced to evacuate.
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TSR previously predicted activity slightly below the 1995-2024 average.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The agency forecasts up to five major hurricanes and 19 named storms.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The group reported an 89.7% combined ratio for the quarter.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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As with 2024, pricing pressure has been most acute on top layers.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The Altamont-backed broker has been building out its team since launching in 2023.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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The revision is significantly lower than the $4.5bn October estimate.
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The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
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The headcount at the start-up now stands at around 40.
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Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.
-
Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
-
With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The (re)insurer used alternative capital in the reinsurance coverage.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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California homeowners are also expected to move admitted business to E&S.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.
-
The insurer has not decided whether to sell its Eaton subrogation rights.
-
The buzz in the air at ILS Connect told of a market entering its next growth phase.
-
AIG, HDI Global and others have settled, while Chubb’s fight continues.
-
The CEO said private ILS funds can generate additional returns of 10%-20%.
-
Richard Pennay also addressed the dip in cyber ILS activity.
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Private ILS would benefit from extension spreads to manage investor concerns, the CEO argued.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
-
The unit’s premium reduced by 4% for the first quarter.
-
The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
-
All 29 funds tracked by the index returned a positive performance.
-
The initial offering will include 6,875,000 shares of common stock.
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The carrier is offering shares priced at $29-$31.
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Growing economic and population exposures are driving potentially larger insured losses.
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The casualty ILS business now has $175mn in capital.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
-
Renewal rates were favorable compared to what could have happened after several hurricanes.
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His leadership roles included overseeing the firm’s capital solutions group.
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The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
-
The carrier announced a major writedown in its L&H book last year.
-
The storm made landfall in Queensland, Australia at the beginning of March.
-
SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Franklin Templeton’s allocations to ILS are managed by fund of funds manager K2 Advisors.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
-
The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
-
Insured losses were the second highest on record for the first quarter.
-
Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
-
Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
-
He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
-
The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
-
The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.
-
The Floridian company applied to be traded on the NYSE.
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He joined Nephila in 2023 from Lancashire as a senior underwriter.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
-
Gokul Sudarsana has been with the company since 2020, having joined from Deloitte.
-
The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
-
Suzanne Wells is also joining the company from Arch as COO.
-
The announcement spurred a quick spike in stock market valuations.
-
KCC is part of the CDI’s review into creating a public wildfire cat model for insurers.
-
The sponsor is estimating a loss of ~$300mn in relation to one of last month’s US tornado events.
-
Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
-
The prediction comes after a highly active hurricane season in 2024.
-
Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
-
The reinsurer said the probe concerns the alleged involvement of its former chairman.
-
Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.
-
Martin Bisping has moved to CRO and Bernard Bachmann was named CEO of SRILIM.
-
Rachel Barnes Binnie joins as portfolio manager.
-
Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
-
Since leaving Hiscox Krefta has founded a consultancy.
-
The firm announced CEO Trevor Carvey will retire and is returning to the UK from Bermuda.
-
The carrier has received 12,300 claims as of 28 March.
-
The event has caused widespread damage in Bangkok, Thailand.
-
The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
-
The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
-
The insurer has lined up Piper Sandler and KBW to run the process.
-
Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
-
The acquisition expands its global employee benefits business to ~4,000 global employees.
-
The bond upsized by around 20% as pricing settled 2% below initial guidance at 7%.
-
The rating allows IQUW to access $1bn in group capital.
-
The ILS segment is not ready to gloss over loss-heavy years in renewal discussions.
-
The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
-
The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
-
Lara Martiner joined Allianz in 2011 as group legal compliance officer and legal counsel.
-
The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
-
The broker has promoted Oriol Gaspa Rebull to global head of analytics strategy.
-
MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
-
Both syndicates also reported a deterioration in their combined ratios.
-
The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
-
Most of the industry losses occurred in Austria, the Czech Republic and Poland.
-
Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011.
-
Sources warned some property XoL books are already running 50% loss ratios.
-
Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
-
Earlier today, Aon confirmed president Eric Andersen had stepped down from his role.
-
The executive will remain with the firm as a senior adviser to the CEO until mid-2026.
-
The cat bond manager warned of excess downside risk owing to an accumulation of losses.
-
The insurance industry has experienced mounting losses from severe convective storms.
-
The business offers parametric windstorm coverage.
-
Indirect exposure to cat risk through long-term investors gives Markel optionality.
-
Premiums ceded to the ILS vehicle increased by 76% to $433mn.
-
Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
-
Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
-
ILS as a percentage of the pension fund’s total assets grew to 1.5%.
-
GP Affluent Markets will look to serve high-net-worth individuals.
-
The largest individual net loss at EUR230mn was caused by Hurricane Milton.
-
The bond was trading at around 12.3c on the dollar in the secondary market last month.
-
“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
-
Both carriers have extensive reinsurance coverage.
-
Tom Fealey has assumed lead portfolio manager responsibilities.
-
The executive worked in investment banking before joining the reinsurance industry.
-
There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
-
This came as the market’s underwriting profit dipped 10% for 2024.
-
Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
-
Almost 300,000 people have been left without power from the storm.
-
This loss number covers the property line of business.
-
There is the potential for cat bond H1 issuance to be a record breaking six months.
-
The scope of QRT’s new ILS strategy will include cat bonds and private ILS.
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As of 14 February, the company received 405 claims.
-
The executive spent a brief period at Wakam in a capital and reinsurance role.
-
RAA president Frank Nutter says he hasn’t been able to get an update on the project from the now Trump-led NOAA.
-
The London D&F market will shoulder most of the losses.
-
The role will focus on international treaty, specialty lines and strategic advisory.
-
Eric Paire was head of capital advisory at Aon for nearly seven years.
-
The reinsurer pegged the market loss at $40bn.
-
The carrier pegged its LA wildfire losses at EUR140mn.
-
The role oversees the $187bn Canadian pension plan’s ILS allocation.
-
Dispersion of returns was high, with the range 0.87% to -3.71%.
-
-
The programme structure was expanded, but it is unclear what percentage was placed.
-
The third-party capital platform is looking to enhance its tailored strategy offerings.
-
The cost of reinstatement was included in $170mn wildfire net loss figure.
-
The terrorism pool has shifted its programme from facultative to an XoL arrangement.
-
Climate change and other loss impacts were not adequately incorporated, sources said.
-
The CEO expects to see a larger shift between condos and apartments in 2026 and 2027.
-
HCI will now consist of two operating units – the other being its four underwriting entities.
-
ILS is delivering “a growing contribution” to the group, according to CEO Cloutier.
-
DaVinci equity plus debt stood at $3.25bn as of 31 December.
-
The carrier increased premium by 7% at the January renewals.
-
State Farm General has asked California regulators for an emergency rate increase.
-
There was a slight increase in DaVinci and Fontana from 31 December 2024 to 1 January 2025.
-
The firm reported record fee income of $128.2mn in 2024, up 26%.
-
Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4.
-
The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
-
Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally.
-
The carrier expects the market loss to land at $35bn-40bn.
-
The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
-
The firm ceded $417mn of premiums to the sidecar in 2024.
-
The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
-
Several Florida start-ups are poised to begin writing business this year.
-
Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
-
The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.
-
The investors are led by PE firm NMS Capital Group.
-
Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
-
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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Scrocca will be based in Bermuda on focus on underwriting and risk sourcing, among other things.
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A higher loss quantum will put a greater burden on retro programmes.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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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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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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Two ILS funds featured in the top five asset-raisers within the index.
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The fall marks this the first time in 20 years the index has been negative in January.
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More than 33,000 claims had been filed as of 5 February.
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The firm will match segregated accounts of portfolios to investor mandates.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The company will ‘aggressively pursue subrogation’ for the Eaton Fire.
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The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’.
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Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
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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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The carrier’s reinsurance premiums ceded rose by 32% to $3.4bn in 2024.
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The firm said the appointment would support its ambitious growth strategy.
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The departures include North American Arcas head Alex Orloff.
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The start-up has achieved an A- credit rating from AM Best.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The storm is likely to be one of the costliest weather events in Canadian history.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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The executive has also worked for Guy Carpenter during her 20-year career.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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But cat bonds are experiencing negative secondary market price movement.
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Bolding will focus on aligning Gallagher Securities with Gallagher Re.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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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 been reducing its presence in the state since 2007.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The restructuring arrangement is designed to protect creditors.
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Derrick Easton has led Willis’s US ART team since joining the company in 2015.
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The company says the recent wildfires will be the costliest in its history.
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Programs did not offer adequate risk-adjusted return.
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Shreeve’s role will encompass the Aon Captive & Insurance Managers’ ILS business.
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Capital inflows, notably into UCITS funds, and accumulated returns supported issuance of $17.2bn in 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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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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Barthelemy Thomas joins from PartnerRe Capital Management in Zurich
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The reinsurer added two new tranches to its 2025 issuance.
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A negative January return will be unprecedented for ILS industry.
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The company’s reinsurance business also has some exposure, the executive said.
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The index delivered a total return of 1.29% for the month of December.
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Standards and guidelines address institutional investors’ concerns over valuation risks.
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Menzinger succeeds Rowan Douglas, CEO of climate risk & resilience at Howden.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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Axis Capital’s fee income from strategic capital partners grew 39% to $85mn in the year to 31 December 2024, up from $61mn the year prior, the firm’s Q4 earnings release said.
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The capital partners unit was launched via London Bridge 2 in Lloyd’s last year.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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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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Non-proportional business accounted for 34% of its total.
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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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The platform will transform ILS transactions on behalf of Jireh and SRS clients.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The firm will advise and support third-party risk capital providers.
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The broker also plans to hire from LSN Re and Aon Re, as part of a build-out of its team in the French capital.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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The company received over 10,100 home and auto claims as of January 27.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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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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He joins from Pillar Capital and will be based in Bermuda and New York.
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Secondary market pricing indicated anticipated California wildfire losses.
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Graeme Bell (pictured) will continue in his role as group legal officer.
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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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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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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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He was appointed acting CEO earlier this month, after Andrade’s departure.
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Total economic losses were $368bn, 14% above the 21st century average.
