Reinsurance

North American winter storms took their toll on several carriers during the first quarter of 2018.

The legacy sector has seen surging deal volumes of late, but the major inflows of capital into the space look set to choke off returns, with the live market’s depressed returns a cautionary tale for run-off acquirers.

Trapped ILS capital may turn out to be lost capital as claims from last year develop, according to QBE Re chief underwriting officer Jonathan Parry.

While 2017 was a challenging year for the ILS market, it may not have been the year of "the great test", according to Leadenhall CEO Luca Albertini.

Barbican is exploring the possibility of a reinsurance-to-close transaction for the 2016 and prior years of account, The Insurance Insider understands.

Zurich has appointed KPMG to advise on the long-awaited disposal of its £1.6bn legacy UK employers’ liability book, The Insurance Insider can reveal.

Allstate took an estimated $361mn in pre-tax catastrophe losses and unfavourable cat reserve developments in the first quarter.

Estimated losses from Hurricane Irma in Florida have surpassed $8.6bn while more than 40 percent of commercial claims from the September storm remain unresolved, new state data show.

Former Enstar CFO Richard Harris has joined the board of Fosun-backed legacy carrier SunPoint in a non-executive role.

Tumbling cat bond prices continue to exert pressure on the wider reinsurance market and are likely to curb rate increases at the upcoming Florida renewal.

USAA has launched the $175mn Residential Re 2018-1 cat bond, which will provide US multi-peril cover, sister publication Trading Risk reported.

PCS has increased its loss number for Hurricane Harvey to $17.1bn from $15.7bn, according to Trading Risk sources.