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As with 2024, pricing pressure has been most acute on top layers.
The executive will be global reinsurance CEO and climate solutions chair.
The Japanese carrier noted the impact of increasing natural disasters.
The company’s parent MS&AD reported group profit of 691bn yen for the year.
The carrier benefited from top-line growth and lower adverse PYD.
The syndicate-in-a-box is the first Lloyd’s syndicate to operate outside London.
Tornadoes have killed at least 32 people in three states.
The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
The broker replaces Louise Nevill, who is joining Axa XL as CUO for specialty.
The reinsurer’s CFO cited a 1.5% net price reduction year to date.
The executive said the industry can continue to grow by embracing emerging threats.
Lloyd’s CUO said established broker facilities were “big enough”.
Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
The platform could help reduce claims-cash holding times by 10 weeks.
The CUO noted that market-wide rate change in Q1 was down 3.3%, coming in below plan.
The company has settled, or is in the settlement stage, for 80% of the exposure.
The executive has spent 10 years in a range of roles at the Corporation.
Competition is high in specialty reinsurance as new capacity enters the market.
Specialty reinsurance has experienced high competition for talent.
The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
The undiscounted combined operating ratio worsened slightly to 96.6%.
The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
The revision is significantly lower than the $4.5bn October estimate.
Their next destination remains unknown.
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Sources said MarshBerry was retained earlier this year to run the sale. -
Are intermediaries facing tougher times as the broking supercycle winds down?
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Sources suggested that the multiple could be as low as the 13x range as valuations reset.
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Behind the Headlines Podcast
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In Partnership With Origin SpecialtyJerico Vinsonhaler, VP & Head of Workers Comp for Origin Specialty Underwriters discusses a soft workers' comp market amid rising coverage challenges, at Tarket Markets 2024.
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In Partnership With HowdenMitchell Rosenberg, Managing Director for Howden Capital Markets & Advisory shares key ILS market insights and investor sentiments ahead of 2025, at the ILS Connect 2024 conference in New York.
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In Partnership With AonRichard Pennay, CEO of Aon Securities discusses how recent hurricanes and trapped capital shape the ILS market, at the ILS Connect 2024 conference in New York.
From our other titles
From our other titles
From our other titles
From Insurance Insider ILS
Swiss Re’s nat cat premium volumes flat in renewals year to date
The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
From Insurance Insider ILS
Conduit Re will ‘invite’ third-party investors as it expands ILS over time
The reinsurer has already dipped into the cat bond market with its Stabilitas Re retro deals.
From Insurance Insider ILS
Florida rates likely to remain stable through 2025: HCI CEO
With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
From Insurance Insider ILS
Retro and ILS specialists Stubbings, Bailey leave McGill for Miller
The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
From Insurance Insider US
Casualty and property dynamics in a ‘unique’ cycle: Westfield’s Kuhn
Jack Kuhn, President of Westfield Specialty, discusses the shifting market cycles and changing landscape at RISKWORLD 2025.
From Insurance Insider US
‘We are an organic growth story’: Alliant CEO
Alliant is celebrating its 100th anniversary this year, and is the ‘furthest thing from a serial acquirer,’ Greg Zimmer, CEO, Alliant, said at RISKWORLD 2025.
Insurance Insider US provides robust insights, sharp analysis and exclusive news on the London and global (re)insurance markets.
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