MS Amlin
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An “extraordinary” proportion of storms reached Category 5 status this year. -
Plus, the latest people moves and all the top news of the week.
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The carrier boosted net premiums by 45% and shaved 2 points off its expense ratio.
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Executives also agreed that facilitisation is a structural market change.
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The executive said that outside of property cat, renewals will be “relatively stable”.
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The power market is experiencing double-digit rate reductions.
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This publication revealed the move earlier this year.
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Sam Geddes will join Syndicate 1918 next year in an executive leadership role.
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The recruits will join from Nephila, Aon and Malaysian Re.
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California wildfire losses were partially offset by improved underlying underwriting.
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Dart succeeds Andrew Carrier, who will retire at the end of the year.
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Peter Cordell will join Syndicate 1729 in January.
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Category 4 and 5 storms could become more common and hit further north.
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The carrier has entered several new classes recently, including specie and reinsurance.
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The underwriter joined MS Amlin in 2020 after more than 24 years with Markel.
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The change reflects the company’s growing profile within the MS&AD group.
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The company’s parent MS&AD reported group profit of 691bn yen for the year.
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Competition is high in specialty reinsurance as new capacity enters the market.
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CEO Andrew Carrier says the business has strong “forward momentum”.
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The launch is part of MSI’s strategy to expand the capacity of its UK subsidiaries.
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Improved underwriting helped absorb claims from the Baltimore bridge collapse and Hurricane Helene.
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The MGA has faced high claims activity on its energy liability book, fuelled by social inflation.
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New entrants have contributed to competition in the class of business.
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The upstream market is now in softening territory, with capacity still abundant.
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Aon announced in early December that it had expanded ACT to offer 28.5% capacity for 2025.
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Parent MS&AD highlighted “strong underwriting fundamentals”.
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Paul Keaveney leaves Zurich after nearly a decade with the carrier.
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A significant amount of new capacity has flowed into the political violence and terror market in recent months.
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The subsidiary’s financial result swung from loss to profit for the period.
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Arch, Axa XL, Beazley, Chubb, Hiscox, Howden, MS Amlin and TMK are participating.
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MS Re reported a net profit of $366mn, which was hailed as a “watershed” for the company.
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The ratings agency said the upgrade reflected MS Re's “very strong” balance-sheet.
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The executive will be based in Zurich and report to international CUO Joerg Bruniecki.
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Simon Morgan will succeed Sam Geddes as head of property and allied lines.
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He will oversee the syndicate’s catastrophe modelling capabilities.
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The facility will target operators across the US, onshore and offshore.
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The result was a profitability turnaround of £300mn.
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The MS Re CEO said 1 January oversubscription levels on cat were not notable.
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The company will use MS Amlin to drive international growth.
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The carrier has rebranded its UK entity from MSI EU to MSIG UK.
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Senior underwriter Tom Horswill is to relocate from London to Dubai to lead the offering.
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Finance minister describes the activity as “widespread, repeated and continuous”.
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Current marine head Laurence Humberstone is set to retire after 19 years at the carrier.
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The improved underwriting performance was driven by reduced losses relating to Russia and Ukraine.
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The underwriter will retain his responsibilities as lead underwriter for credit and political risk.
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Grant Baxter joined the business last year and was named CUO in a restructure under CEO Andrew Carrier.
