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The announcement confirms earlier reports from this publication. -
Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
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Oversupply of capacity will outweigh casualty and per-risk concerns.
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Last summer’s hail loss has crept significantly for many Italian cedants.
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Competition among insurers is rising as new carriers enter the market.
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The underwriter will report to Kristina Maffit.
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Syndicate 609 will focus on deploying capacity in D&F and specialty.
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Mutual Zenkyoren is expected to reduce its purchase this year.
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Exposures to property are growing materially in the riskier geographies.
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The Australian carrier has a full-year natural peril budget of A$1.09bn.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
