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The reinsurer stressed it “did not shy” from cat business in 2023. -
The reinsurer plans to grow its US business at a higher rate than its non-US business.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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Improved performance and growing investment returns played a role in the upgrade.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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Despite formation of Gabrielle, there is "a very high probability" of a below-average season.
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The change in reinsurance intermediary follows an RFP for the account.
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The economic loss from the event was around EUR7.6bn.
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The move comes as the broker rebuilds its Bermuda team.
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Louis Tucker established and later sold Barbican Insurance to Arch in 2019.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
