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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.
The exec will lead key initiatives including Aon United, and work closely with NFP.
The new CEO said recent purchases were designed to protect earnings volatility.
Sources suggested that the multiple could be as low as the 13x range as valuations reset.
Insurance Insider revealed earlier this week that the underwriter had resigned from Allianz.
New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.
The carrier has also added AIG’s Alice Hawkins to its aviation unit.
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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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Aviva and Direct Line struck the landmark deal in December.
Insider On Air: Our Webinars & Podcast Channel
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Behind the Headlines Podcast
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Steve Horton, President of Liberty Mutual Bermuda, on AI's transformative role, challenges, and potential in reshaping the insurance industry.
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Tim Usher Jones, Co-CEO and Founder of Banyan Risk, shares insights on their new excess casualty venture, AI integration, and growth strategies in an evolving market.
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Rob Bredahl, Vice Chairman of Howden Re and Executive Chairman of Howden Capital Markets & Advisory, discusses cat events, market capital and the 2025 outlook.
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From our other titles
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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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