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Marsh McLennan is mobilising the insurance industry to support the UN’s Race to Resilience initiative, starting by featuring 17 climate adaptation projects. -
The carrier pushed London brokers for a reduction in the traditional 15% commission.
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The impact of Ian losses on SiriusPoint’s total equity was ~3.5%, lower than RenRe and Everest, and in line with Axis.
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PE funds considering a play in the catastrophe space are far more likely to be looking for an alpha play.
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The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalise on surging projected returns.
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Cedants may find past behaviour coming back to haunt them, while brokers should be preparing in depth to achieve simplicity.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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So far, the company has received nearly 12,000 claims associated with the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
