AIG

The Talbot-managed syndicate reports a natural catastrophe-driven combined ratio of 118.2% in its first year.

Gallagher is the broker for Indonesian state oil firm Pertamina, with AIG and Axa XL understood to participate.

Nagamine joins from troubled reinsurer IRB Re Brasil, where his remit covered reinsurance to the oil and gas industry and the international market.

The Lloyd’s broker plans to establish additional regional offices.

John Klaus has been named global head of reinsurance placement, after the earlier announcement that Elaine Rocha would take up a newly created role of global chief operating officer.

The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.

Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.

The new arrival will also be financial lines manager for Denmark and Norway.

The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.

The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.

The government removes a previous cap of 49% in its budget.

Corine Troncy joins from Coface, where she was most recently a senior advisor to the French carrier’s executive committee.