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The finance committee discussed shifting market dynamics as tort reform takes effect. -
Andrew Ealey joined Canopius in 2010 as a property treaty underwriter.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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Solutions are being used to fill the gap left by traditional agg markets.
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The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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The market is “extremely competitive”, with several launces from MGAs and syndicates expected.
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The country's competition commission said the takeover would result in less competition.
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The highest portion of losses was experienced in Alberta.
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Expectations that reductions would cap out at low double digits are fading due to capacity oversupply.
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The Japanese P&C carrier agreed a deal to buy 15% of WR Berkley shares in March.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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China Taiping has been identified as the building owner’s insurer.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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The peril has been historically difficult to model compared to others.
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After a challenging period, the industry is now earning above its cost of capital.
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The French mutual is one of the first major 1.1 accounts to firm-order.
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Existing facilities and carrier partners will be transferring from K2.
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The carrier’s overall P&C combined ratio improved by 1.4 points to 91.6%.
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The reinsurer said discipline was now “equally important as price”.
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The reinsurer is “well on track” to achieve $4.4bn in net income for the full year.
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P&C GWP grew by 7.1% to EUR26.8bn over the period.
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The (re)insurer has a higher-than-average Jamaican market share.
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The ILS start-up was founded in January by Hanni Ali and Peter Dunlop.
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On a net basis, premiums written were up 4.7% to $641.3mn.
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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Cyber, mortgage and crop were identified as attractive growth areas.
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The carrier said nat-cat losses remained “well below” those of prior years.
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The carrier’s retail division saw premiums increase by 7.3% to $2bn.
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The carrier anticipates a “favourable” retro renewal at 1.1.
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Widespread underinsurance and low exposures will limit losses.
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The Spanish (re)insurer reported a group net profit of EUR829mn.
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Prices were 37.4p per £1 of capacity, according to Argenta.
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Opportunities for profitable growth in cat will be hard to predict, the executive said.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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The start-up has struggled to build scale since its 2024 launch and has cut back its 2026 stamp.
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The property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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Reinsurers are willing to concede on pricing, while cyber interest is on the rise.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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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 helped establish Barbican Insurance, which was later sold to Arch in 2019.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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Reinsurer executives stressed that the industry worked hard on setting the right structure.
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The business said it was experiencing strong momentum on the Island.
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Losses were primarily driven by personal property lines.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Cedants target methods of reducing pressure on earnings as reinsurers chase growth.
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Being conservative and stable is the name of the reinsurer’s game.
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The private ILS segment took losses from LA wildfires and Mid-West severe convective storms in H1 2025.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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CEO Thierry Léger also stressed his intention to repair the carrier’s relations with Covea.
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Stefan Golling also said Munich Re’s appetite for agg covers was unchanged.
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The reinsurer’s new CEO said he sees no need for a radical shift in strategy.
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Rates will remain elevated in a period of structurally higher risk premia.
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Paul Sandi, head of reinsurance, will serve as active underwriter for the new syndicate.
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Maintaining underwriting discipline was central to the Corporation's messaging.
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The executive most recently served as head of North American treaty reinsurance.
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CEO Tom Wakefield said property cat supply is “materially outpacing demand”.
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The ratings agency warned negative PYD on US casualty will likely continue.
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Signs of discipline indicate a “break” from past boom/bust market cycles.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
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The reinsurance veteran joined Aon nearly 20 years ago from Cooper Gay.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The group claims the White House is undermining disaster preparedness.
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The Bermudian reiterated its pledge to improve performance.
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The US has been lucky over recent decades to avoid a $100bn insured hurricane event.
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The CEO said the carrier will prioritise margin over top-line growth.
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The carrier’s profit grew 34% for the year to A$1.35bn.
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The forecast has increased since the early July update due to several additional factors.
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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California wildfires account for $40bn of the insured loss tally in H1.
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The French carrier’s first-half revenues were driven by 6% growth in P&C.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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US events accounted for more than 90% of global insured losses.
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Volante joins capacity providers Allianz and Tokio Marine Kiln.
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The weather-modelling agency is predicting a below-normal season.
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The changes affect operations in Switzerland, Bermuda and the US.
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The company said the reduction was due to years of steady improvements.
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The programme’s total limit this year is down $594mn to $1.36bn.
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SRCC exposures are being studied more closely but fixing aggregation issues is a challenge.
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This is up from last year’s $1bn protection for its Florida treaty.
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In April, the loss modeller pegged losses at A$2.57bn.
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The number has expanded by around 40% from an earlier update, sources said.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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This year is predicted to be an above-average season, like 2024.
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The $2.59bn renewal is up 45% from last year.
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The company also has $100mn for US hurricane events.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Most of the losses are attributable to a supercell storm in Texas.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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Lloyd’s maverick syndicate produces impressive results, but questions remain over succession.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The reinsurer’s CFO cited a 1.5% net price reduction year to date.
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Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
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The new CEO said recent purchases were designed to protect earnings volatility.
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The carrier booked EUR800mn in LA losses in the P&C segment.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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The (re)insurer used alternative capital in the reinsurance coverage.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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Q1 adverse reserve development went down to $4.2mn from $5.4mn a year ago.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
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Sentiment at the ILS Connect event hosted by Insurance Insider ILS was generally positive.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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The group reported “robust” growth in property reinsurance premium.
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Growing economic and population exposures are driving potentially larger insured losses.
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The California wildfires were the only “relevant event” for the period, the carrier said.
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The property segment experienced a 113.5-point impact from the California wildfires.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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Trevor Oates will be responsible for ceded reinsurance purchasing.
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TMK is the largest insurer of aviation risks at Lloyd’s by gross written premium.
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ASR launched Syndicate 2454 at Lloyd’s last year.
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The prediction comes after a highly active hurricane season in 2024.
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The combined ratio improved by 1.9 points to 94.7%.
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The reinsurer said the probe concerns the alleged involvement of its former chairman.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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Total reinsurer capital grew by $45bn in 2024 to $715bn.
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Caution around economic volatility wrought mixed outcomes in specialty re.
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The carrier has received 12,300 claims as of 28 March.
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Analysts see Conduit’s extra reinsurance buying as a positive development.
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The shares will be purchased via the open market or private third-party transactions.
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Reinsurers fended off 20% cuts, but wildfires pleas failed to hold pricing flat.
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The executive, Everest CEO from 1994 to 2013, has served as board chair since 1994.
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Cat losses from Helene, Milton and the Oklahoma tornadoes will fall within expectations.
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The syndicate expects to book a combined loss of £39mn from hurricanes Helene and Milton.
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The March 13-16 storms would mark the first billion-dollar US SCS event of the year.
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The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
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The broker has promoted Oriol Gaspa Rebull to global head of analytics strategy.
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The broker said that businesses not investing in AI capabilities would be left behind.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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The firm also promoted Devin Inskeep to an expanded role as SVP, head of ratings and advisory.
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Sources warned some property XoL books are already running 50% loss ratios.
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Cyber, marine and aviation are recent areas of focus.
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The insurance industry has experienced mounting losses from severe convective storms.
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Some of the Big Four are slowing growth as the market softens.
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The carrier was seeking to expand its 1 March-renewing programme.
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The reinsurer anticipates downward rate pressure to continue over 2025.
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Reinsurers’ hopes that LA wildfires will slow 1.4 softening are in question.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Both carriers have extensive reinsurance coverage.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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This year’s coverage will involve $2.94bn of new risk transfer.
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These events can also no longer be considered secondary perils, executives said.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Almost 300,000 people have been left without power from the storm.
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He said that “everyone’s looking for growth”, as the firm has moderated its top line projections.
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The programme structure was expanded, but it is unclear what percentage was placed.
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The result is 1.1 points ahead of the midrange of a 6.4%-16.4% forecast.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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The combined ratio improved by 0.5 points to 75.7%.
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The company also announced a EUR2bn share buyback.
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CEO Andreas Berger addressed Swiss Re’s primary aviation exit.
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The carrier increased premium by 7% at the January renewals.
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Cedants could choose to retain more as cross-share sell-offs boost their capital.
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The chairman said the recent events were akin to Andrew, Katrina and the WTC.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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A higher loss quantum will put a greater burden on retro programmes.
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James Shea will lead the new Sompo P&C arm, while Yasuhiro Oba will become Wellbeing CEO.
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The role at PCS included acting as primary touchpoint for ILS.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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But cat bonds are experiencing negative secondary market price movement.
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Bolding will focus on aligning Gallagher Securities with Gallagher Re.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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Andy Taylor spent more than 25 years with the company.
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The agency cited the group’s increased earnings diversification and improved resilience.
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At 1 January renewals, prices dropped 5%-15% for loss-free programmes.
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The broker added reinsurers remain cautious on US casualty risk.
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Guy Carp CEO Dean Klisura said LA wildfires could slow rate reductions at 1 April.
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Non-proportional business accounted for 34% of its total.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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The California fires will test post-2018 treaty revisions – and reinsurers’ nerves.
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The industry loss number has increased threefold from an initial $5bn pick.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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The members’ agent said 2024 will still be a profitable year for Lloyd’s.
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High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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Investigators are homing in on the likely causes of the incidents.
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AM Best said it expects insured losses from the California wildfires to be “significant”.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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In the US, pricing fell by 6.2% at the major renewal.
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The reinsurance market is now in a healthy, stable condition, according to Gallagher Re.
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Reinsurer appetite largely outweighed demand at 1 January.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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Chairman Neil Eckert and CEO Trevor Carvey said the outlook for the market remains "very good".
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Reinsurer appetite for aggregates begins to creep back in.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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The scheme has been pushed back by three months to 31 March 2025.
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WTW sold Willis Re to Gallagher in 2021 for $3.5bn.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The loss figure has increased 200% from the initial number provided in October.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Nat cat pricing is expected to be more or less flat, with rises on loss-affected programmes.
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The group reported a combined ratio of 91.2 for the period.
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Swiss Re reported some $743mn in catastrophe losses for Q3 alone.
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The carrier has also completed a review of its L&H unit.
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The company said it is still on target to achieve $3bn net income for the full year.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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The CEO was responding to comments made by Chubb’s Evan Greenberg.
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The flat renewal follows a tripling of RoL on the programme last year.
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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss.
