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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 CUO noted that market-wide rate change in Q1 was down 3.3%, coming in below plan.
The platform could help reduce claims-cash holding times by 10 weeks.
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.
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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
Insider On Air: Our Webinars & Podcast Channel
Behind the Headlines Podcast
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Stephen Catlin, Executive Chairman for Convex, shares insights on leadership, climate initiatives and how insurance must evolve at the PwC Insurance Summit in Bermuda.
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In Partnership With Swiss Re Corporate SolutionsAndrea Baer, Head of Alternative Risk Transfer Latin America for Swiss Re Corporate Solutions, discusses how Latin American companies use alternative risk transfer solutions like parametric cover and captives to overcome insurance capacity challenges.
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In Partnership With MS AmlinWilliam Ho, CEO of MS Amlin Asia Pacific discusses the Phoenix Re catastrophe bonds and plans to grow ILS in Asia.
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.
Insurance Insider ILS provides robust insights, sharp analysis and exclusive news on the global insurance-linked securities market.