May 2015/2

Large property facultative accounts in the US came under continued downward pressure at the April/May renewals, with rates described as "off a cliff" and "a bloodbath" by London sources.

Third Point Re has begun winding down its catastrophe fund, with assets under management (AuM) falling 35 percent over the first quarter.

RenaissanceRe's permanent sidecar DaVinci Re reported a 7 percent decrease in first quarter net income to $52mn, following a 22 percent reduction in net earned premium income to $61mn.

Military mutual insurer and insurance-linked securities (ILS) stalwart USAA has launched its 24th Residential Re catastrophe bond, which is targeting $150mn in annual aggregate cover, sister title Trading Risk has reported.

AM Best is assessing the business plans of three "serious candidates" in the hedge fund reinsurer ratings process, the agency has confirmed.

Swiss Re America has achieved strong growth in its regional and national (R&N) business as a significant change in strategy over the last few years begins to bear fruit.

Kevin Allchorne, who has more than 23 years experience at Amlin, has stepped down as global managing director of the firm's reinsurance division.

Windstorms Mike and Niklas, which struck Europe at the end of March this year, have caused an estimated EUR853mn insured loss, according to industry loss aggregator Perils.

Safety Insurance Group expects to recover $49.9mn of US winter storm losses from its reinsurers after the Northeast-focused regional carrier's cat cover was triggered for the first time in its history.

Independent reinsurance broker TigerRisk has grown its annual revenue to more than $70mn as it continues to build out its platform and client base, The Insurance Insider has learned.

Peter Zaffino's elevation to oversee Marsh and Guy Carpenter is being interpreted as an attempt by Marsh & McLennan Companies (MMC) to introduce a more joined-up approach to its risk and insurance services division.

RenaissanceRe and Swiss Re are in line to write more than half of the Florida Hurricane Catastrophe Fund (FHCF)'s $1bn maiden cat reinsurance placement, The Insurance Insider can reveal.