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The executive has worked for Aon, Steadfast and Argenta.
Global property rate increases were also flat in the quarter.
The executive said challenging loss cost trends were contributing to rate rises.
Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
Behind the Headlines

Behind the Headlines: Aegis London's Alex Powell on underwriting over the cycle; and Japanese broking update

Listen in as Aegis London CEO Alex Powell discusses how to underwrite profitably through the cycle, the carrier’s growth in the cyber market, and the company’s future strategy.

Behind the Headlines is a fortnightly podcast hosted by Insurance Insider's senior reporter Sam Casey.

Get the inside scoop on the major stories shaping the London market through discussions with the journalists who broke them. Plus, hear from industry professionals on what these developments mean for the (re)insurance sector.

Every other Friday morning, Behind the Headlines will break down the biggest stories of the last two weeks. Sam will discuss these stories with the journalists who broke them: Catrin Shi, Fiona Robertson, Rachel Dalton and the rest of Insurance Insider's award-winning editorial team.

Plus, he will interview the big names from the London market, getting their perspectives on the state of the industry and the latest headlines.

Regulators are mulling reforms that could open the door to international independent brokers.
With Hiscox’s founders no longer at the helm, deal-making may be more achievable.
Two-thirds of insurance firms have been challenged about their resilience plans by the regulator.
John Neal’s expansion plan now has a five-year horizon, but deft execution will be needed.
More News
The executive said that more sophisticated use of data could optimise a portfolio.
The Oxbow report found that AI use cases span the entire (re)insurance capability model.
InsurX has grown its capacity beyond £100mn after adding D&F to its existing contingency business.
The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.

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Monte Carlo Rendez-Vous de Septembre 2024

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From our other titles

From our other titles

From Insurance Insider US

Half-year review: The calm before the (reserving + hurricane) storm

MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
From Insurance Insider ILS

Elementum’s DeCaro: Steady cat bond growth the base-case assumption

The latest Insider ILS Outstanding Contributor for the year said 2011 was an under-appreciated turning point for the market.
From Insurance Insider US

Brokers buck industry capital issuance trends amid growth opportunities

The industry is mostly reluctant to raise capital with high interest rates, except for brokers.
From Insurance Insider ILS

ILS capital ‘drawing back’ a little in mid-year renewals: Gallagher Re

The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.