Property

A US landfall is not expected, but the storm could hit the Bahamas by Friday.

The storm could bring flooding to Jamaica, Cuba and Haiti.

APIP is one of the world’s largest property programs.

Property pricing fell by 8%, while casualty rate increases tapered to 3%.

Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.

Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.

Though wildfire losses are up, total losses are the lowest since 2015.

Brian Church has spent 20 years at Chubb.

Willis claims at least two $1mn accounts were also unfairly lost to Howden.

Declared events totalling just under A$2bn ($1.3bn) included one cyclone and two floods.

Julia Graham played a key role in the UK's introduction of captive-friendly regulation.

The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.

The pair have expanded remits overseeing property and specialty.

According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.

The underwriter has worked at Hiscox, Lloyd’s, Chubb and Zurich.

Marlon Williams will focus on the placement of reinsurance and retro business.

The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.

Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.

The executive met with UK colleagues to discuss plans for the US business.

Property remains the dominant line, accounting for nearly 30% of total London premiums.

Reinsurer executives stressed that the industry worked hard on setting the right structure.

The affirmations reflect Everest’s strong underwriting diversification.

Models anticipate a busier second half, particularly in the next few weeks.

The platform aims to “bend the loss curve”.

The sector recorded total premiums written in London of £11.9bn in 2024

The carrier notified California regulators that it would stop renewing plans starting last month.

Supply for property outstrips demand, but the casualty market is “bifurcated”.

Mark ‘Ollie’ Hollingworth has held his current role at Atrium since 2017.

Syndicate 1440 was approved to assume business incepting January 2026.

Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.

The executive most recently served as head of North American treaty reinsurance.

The data modeling firm said losses previously averaged $132bn annually.

Lawmakers are seeking input on risk evaluation, limits and other concerns.

A notable uptick in attendance underpins the value still placed on the iconic trading centre.

The combined ratio worsened slightly by 0.5 points to 91.6%.

The mid-year renewals point to mounting pressure on reinsurance pricing.

Top line grew across all carriers even as pre-tax profits dipped.

Nat-cat events triggered A$1.36bn of losses during the year.

Company alum David Murie will lead the new business unit.

The carrier’s profit grew 34% for the year to A$1.35bn.

Layla O’Reilly and Mark Edwards are among the brokers leaving the firm.

The estimate covers property and vehicle claims.

The Hannover Re CEO said rate adequacy remains “attractive” overall.

California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.

Both organisations still predict an above-average hurricane season.

The carrier cited elevated cat and large-loss activity, including the LA wildfires.

The reinsurer chair said the frequency of losses today “will prevent prices from slipping too much.

The P&C re segment’s combined ratio improved by 12.7 points to 61.0%.

The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.

More investment in early stage firms is an indicator of bullish market, says Gallagher’s Johnston.

CEO Alex Maloney said Lancashire’s growth was “more measured” amid softening.

Natural catastrophe claims remained consistent compared with the prior year.

California wildfires account for $40bn of the insured loss tally in H1.

The company has also expanded its relationships with US and UK MGAs.

Matthew Doherty joined the reinsurer in 2018 as SVP, property portfolio manager.

The Canadian insurer saw property rates dip across its global divisions.

The business posted a 95.2% undiscounted combined ratio.

Scor's CEO said the P&C market had experienced a “competitive” first half.

The firm will target mid-market risks with TIVs of $25mn-$1bn.

The P&C segment posted an 82.5% combined ratio for the quarter.

Millions are evacuating after one of the strongest earthquakes in modern history.

The broker has noted that double-digit reductions are increasingly available in property.

Insured losses produced the second highest first-half tally since records began in 1980.

Wind season remains an important variable, but also might not change current dynamics significantly.

Group CEO Tavaziva Madzinga said it might explore Lloyd’s Names backing in the future.

Property rates declined by 7% globally in the second quarter.

The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.

Liberty Mutual, Allianz and Aviva previously had their appeals dismissed.

The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.

Alcor has also opened an Atlanta office, broadening operations in the US market.

The losses were below May’s $777mn, but almost 3x higher than for June 2024.

US events accounted for more than 90% of global insured losses.

Category 4 and 5 storms could become more common and hit further north.

The start-up aims to bind its first risk in Q4 2025.

In the US, the index fell 6.7% year on year.

Emilie Hungenberg joins the carrier from Aspen.

Despite predicting fewer hurricanes, the numbers are still above average.

Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.

Rates continue to drop as capacity is ample, the broker said.

The UK-based MGA will join SRG’s underwriting pillar MX.

The late March storm caused extensive damage in southern Quebec and Ontario.

The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.

Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.

The managing agency is offering 62p per £1 for 2026 YoA capacity.

The soft market continued through H1 2025, especially on shared programs.

The LA wildfires accounted for 59% of loss activity over Q1.

Premium rose across the top 15 P&C risks in 2024.

Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.

MillerBoost is the latest broker facility to launch in London.

The cost comes in at $530.6bn, roughly $20mn lower than budgeted.

The platform will capture and standardise data from all submissions, the broker said.

The carrier’s president Andrew McMellin is aiming to double London market share in the next five years.

The executive previously spent 15 years in a variety of roles at Zurich.

This is up from last year’s $1bn protection for its Florida treaty.

Some segments are moving faster than anticipated, but overall, it remains a mixed bag.

CEO Caroline Wagstaff called for a “tailored and proportionate” approach to regulation.

The executive’s career includes a stint as head of cat for CorSo.

The loss has decreased by 0.3% since the company’s third assessment.

The new Lloyd’s chief of market performance also outlined target growth areas.

The driver of growth has shifted from rate to volume, as pricing increases tail off.

Almost 50,000 people have been forced to evacuate.

Plus, the latest people moves and all the top news of the week.

Broker facilities and increased US domestic appetite are accelerating the softening.

P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.

Motion Specialty will initially focus on high value home and flood insurance in the US.

The revision is significantly lower than the $4.5bn October estimate.

The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.

The reinsurer's group operating income fell by 14% to EUR480.5mn.

New broker vehicles are setting up amid accelerated softening in D&F.

The facility provides follow capacity to US and international placements.

Cat losses included $17.5mn from the CA wildfires and other events.

Beazley, Hiscox and Lancashire all grew in Q1 despite widespread rate decreases.

The carrier estimated its California wildfire loss at $145mn-$165mn.

Co-founder and CUO Jacqui Ferrier has been appointed his successor.

Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.

The only major product line to see rate increases was casualty.

In a post on LinkedIn, Steve Arora said investor appetite “just wasn’t there”.

The firm now reports on insurance exposures to natural perils for 21 countries.

Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.

Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.

Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.

Overall market capacity increased by 5.3% year-on-year, the broker reported.

The announcement comes after similar launches with Inigo and Atrium.

The company booked profit for the year of £247mn, up 20% on the prior year.

The syndicate expects £5.8mn-£8.6mn in California wildfire claims.

Reinsurance made up 12% of the syndicate’s 2024 GWP.

Reinsurance and property remained the primary drivers of premium growth.

Most of the industry losses occurred in Austria, the Czech Republic and Poland.

The business offers parametric windstorm coverage.

The property and specialty insurer reported underwriting profits of $131mn ($170mn).

The Italian carrier posted a record group profit of EUR7.3bn.

For the prior-year quarter, the carrier reported a EUR9mn loss.

Both carriers have extensive reinsurance coverage.

Plus, the latest people moves and all the top news of the week.

Followers will automatically support primary or excess Inigo quotes.

Sources warned of the erosion of underwriting margins after a string of strong years.

The London D&F market will shoulder most of the losses.

Predicting underwriting conditions for the remainder of the year is ‘challenging’.

Several underwriters left Hiscox’s property D&F team last year to join MGA Velocity.

North America is likely to be the most financially impacted by the scenario, Lloyd’s said.

The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.

The estimate is based on industry losses in the range of $35bn-$45bn.

Westfield has seen a number of senior underwriters depart the business in recent weeks.

The firm projects losses from the fires at between $160mn-$190mn.

Sara Foucher has held roles at RSA, Swiss Re and XL Catlin.

The appeals court has ruled that composite policies provide multiple limits.

Retention levels for reinsurance fell across the different geographies the carrier operates in.

The ratings agency has revised Mercury’s outlook from stable to negative.

The group includes James Cooke and Angus Ovens.

The estimate is net of its per-occurrence reinsurance program and gross of tax.

More than 33,000 claims had been filed as of 5 February.

The estimate covers property and vehicle claims.

Genna Biddell will report to Brad Melvin, president and CEO, BMS Re US.

The carrier is “extremely well capitalised” to achieve its strategic ambitions.

Its post-tax estimate of $1.3bn is net of reinsurance recoveries.

Underinsurance, total loss claims, and high property values have impacted loss estimates.

The annual claims totalled £5.7bn, the largest amount paid out in any year.

The storm is likely to be one of the costliest weather events in Canadian history.

The carrier disclosed it will book $1.1bn in net losses from the California fires.

The carrier’s Eaton Fire loss would be a retained net loss hit.

The event now includes a casualty portion and has officially been re-branded as the Property and Casualty Symposium.

The MGA and 49% owner SiriusPoint could bring in a new investor.

Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.

Guy Carpenter said personal-lines exposure would account for 85% of the aggregate loss.

The total includes fire and smoke damage plus living expenses for evacuees.

The fire started Wednesday morning and is currently 0% contained.

Losses from the larger fire will amount to $20bn-$25bn, the modeller said.

The broker said disaster data can attract more risk capital.

The pool services a number of public authorities in California.

Severe convective storms accounted for 41% of last year’s insured loss load.

The estimate has reduced slightly since the modeler’s last update in October.

Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.

CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.

Daniel Moruzzi joins from Ascot and Matthew Cope joins from Aon.

The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.

Investigators are homing in on the likely causes of the incidents.

It has been a “good” bad renewal for cat reinsurers, with attachments likely to endure in the medium term.

Moody’s also expects losses in the billions of dollars.

Six wildfires are now burning in SoCal, with the Palisades fire being the largest.

It is understood that supporters include Munich Re and Brit.

Hurricane Milton resulted in the largest insured loss of the year at $25bn.

More than 4,000 acres are burning as thousands evacuate.

In part two of our 2025 outlook, we explore the drivers of carrier M&A and recreating the ESG agenda.

Certain new and old themes will re-emerge this year as the balance of power shifts.

The largest non-US event in 2024 was the catastrophic flooding in Valencia.

Supply generally exceeded demand and trading relationships were ‘strong’, CEO Tom Wakefield said.

The storms struck Victoria, New South Wales and Queensland.

Most of the industry losses occurred in Austria, the Czech Republic and Poland.

The scheme has been pushed back by three months to 31 March 2025.

TSR anticipates that next year will see an ACE value of 129 compared with the 30-year norm of 122.

James Drinkwater is to serve as vice chair and executive chairman at Amwins Global Risks.

James Irvine will report to Cathal Carr, CEO and active underwriter of Oak syndicate 2843.

The movers include former line underwriter for major property D&F, James Robertson.

The carrier attributed the intensification of storms this season to climate change.

CEO Mario Greco said his future retirement had nothing to do with bringing the plan forward.

The company is on track to exceed its targets for 2023-25 one year ahead of schedule.

Claims at 9M were 15% higher than the same period in 2023.

The floods add to an already historic loss tally for Canada in 2024.

Helene losses were spread wider than initially suggested, in contrast to Milton claims.

Hannover Re’s CEO said the market had been disciplined.

The reinsurer’s large losses tallied up to EUR1.3bn for the nine-month period to 30 September.

Paul Keaveney leaves Zurich after nearly a decade with the carrier.

Kevin Stokes has been with Pillar for nearly four years.

Rates are continuing to soften in D&O and cyber, according to CFO Paul Cooper.

The D&F market now expects 2025 renewals to be flat to down 5%

The CEO said the property market was in a “super-good place”, and increased competition was inevitable.

Some US and European cedants will likely see "specific adjustments" to their programmes.

The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.

The carrier increased insurance revenue by 16.8% to $1.3bn year on year.

Most of the losses derive from France.

The firm is also integrating changes to its process to allow it to cover wider ground.

The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.

Andrade flagged expected 5% to 10% increases in the US and Europe.

Flash flooding in Spain has killed at least 64 people, leaving thousands of homes without power.

Although the worst of the rainfall has passed, the “devastating episode” may not be over, Spanish prime minister Pedro Sánchez warned.

The investor has paid in an extra £12.5mn for an additional 5% holding.

The Goldman Sachs-backed broker will buy out BP Marsh’s stake.

Over the period, the Spanish carrier’s reinsurance segment expanded profit by almost 10% year on year.

Insured losses for 9M 2024 have hit $102bn, according to a report.

Beazley leads the first $100mn layer of the programme, while Tokio Marine HCC leads the second on the Alesco-placed cover.

Overall, insurance rates fell by 1%, led by competition in property.

The three-year deal is expected to generate $200mn in GWP over the period.

As a result of mostly flooding, £495mn ($644mn) of losses occurred in the UK.

Cedants and brokers called for long-term relationships as reinsurers addressed loss creep.

The company said $13bn-$22bn will come from wind damage.

With the storm’s losses looking more favourable, questions over rates and gross/net strategies will arise.

Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.

A more residential-skewed loss would impact Lloyd’s carriers in treaty where market share is lower.

The cost to the NFIP is likely to be a “mid to high single-digit-billion impact”.

The hurricane has destroyed hundreds of homes and left more than 2.7 million homes without power in Florida.

Milton’s center is projected to make landfall near or just south of Tampa Bay.

Contrary to expectations that US casualty would dominate the conversations, Milton took the spotlight.

Geopolitical conflict could expose the global economy to $14.5tn in losses.

The NHC is predicting storm surge, exacerbated by the tide, as high as 15ft for Tampa Bay.

A hurricane warning has been issued for the east coast of Florida.

Hurricane Milton strengthened from a tropical storm on Sunday to a Category 5 storm yesterday.

The figure does not include NFIP losses.

Most of the estimated insured losses will be retained by insurers.

Sources expect significant loss amplification in the claims that will come from Georgia, the Carolinas and Tennessee.

The numbers will be refined further to arrive at an industry loss estimate.

Tallahassee avoided a major hit – but flood and storm-surge losses remain unknown.

Plus the latest people moves and all the top news of the week.

Property underwriters warn of complacency in how quickly margins can erode.

Will Curran joined the Lloyd's syndicate earlier this year.

Taiwan’s strongest earthquake in 25 years caused damage to facilities for chipmaker TSMC.

The facility automatically follows the lead market which offers the lowest quote.

InsurX has grown its capacity beyond £100mn after adding D&F to its existing contingency business.

The average risk adjusted rate increase is hovering at about 2% for clean business.

Transatlantic competition, rising valuations and price undercutting set a challenging scene.

The value of the bridge is estimated at $1.2bn.

On average, risks are being placed in a range of flat to up 5%.

The carrier confirmed the appointments of Barrett and Tinworth to the property team.

InsurX launched into the D&F market earlier this month and plans to facilitate the placement of around $30mn of property D&F business.

The LatAm telecoms company buys a sizeable protection triggered by windspeeds.

The platform has signed up brokers such as Miller and Gallagher and carriers such as Beazley and Atrium ahead of its market launch.

Charlotte Macey started her career at CNA Hardy in 2008 and was most recently class manager for property D&F.

The syndicate exited the class in 2021 at a time when the Lloyd’s market was in the thick of its performance drive and Decile 10 exercise.

Deans joins from CNA Hardy, where she was a property underwriter since 2010.

Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.

The CEO was speaking on the back of the carrier’s Q3 results, where it confirmed it would be returning $169mn to investors by way of a $119mn special dividend and offering up to $50mn in buybacks.

The carrier has been in hiring mode in recent months after staff exits earlier this year.

Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.

Matthew Narbett will continue in his role as active underwriter of Syndicate 2010, while Colette Murphy has been promoted from deputy head of D&F.

Sompo International said it saw growing demand for expertise and capacity in the region.

The CEO said Chubb has ‘never seen better pricing’ on primary property.

The underwriter spent more than two decades at Ascot, holding several roles in the property, political violence and marine hull teams.

Plus the latest executive moves and all the top news of the week.

London D&F underwriters are seeing rate rises of 15% on average on clean business, while loss-affected accounts are seeing their rates double.

Wyatt is reunited with former IQUW and Agora colleague, James Blackwell in her new role.

The duo will head up the D&F and DA teams, and report to active underwriter Steven Tebbutt.

The firm is led by the former executive team of MGA Medici Facultative, headed by Henrik Webster.

London D&F underwriters are seeing rate rises of 20% on average amid surging in-flows of new US business ahead of the key 1 April renewals.

The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.

The association allowed managing agents to select the most suitable candidates in this election cycle.

Neil Cryer joins from CNA, where he spent nearly seven years as head of property D&F.

Charles Tinworth and Abigail Paterson are set to join the property team as senior underwriter and underwriter, respectively.