News

2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.

It is understood that Revilla will work at Lloyd’s in South Florida until year-end.

The increase in premium growth was largely attributed to strong pricing trends for commercial lines and reinsurance business.

The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.

While competition is picking up, a likely rise in claims during a recession is likely to prevent a return to a soft market.

Flooding in February and March this year was the most expensive event in Australian history.

The ratings agency took increased nat cat activity, pricing trends, growing demand and business plan stabilisation into account when assessing the segment.

The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.

It is understood that the executive joined THB Peru in a managing director position.

Earlier in the year, SMBC reported a $1.6bn write-off for planes stranded in Russia.

Boyd joins from Allianz Risk Transfer, where he spent nearly 14 years, most recently as CUO.

In his new role, Knowles will report to Lucy Clarke, president of Marsh Specialty, and will relocate from London to New York in Q2 2023.

There has been a recent uptick in personnel movement in the financial institutions space.

The carrier has also appointed Aron Zieler and Eileen Siemer to build out its new Frankfurt team.

John Carroll has been promoted to reinsurance solutions CEO for Australia and New Zealand.

The reinsurer said the appointment comes as it looks to grow in the property treaty arena.

The pay-out figure has nearly doubled over the last two weeks.

The executive replaces Paul Schiavone, who is leaving the company.

The scheme, which will run for five years, provides professional indemnity insurance for firms undertaking assessments of external wall systems on mid- and high-rise residential buildings.

David Howden said insurance protection made the global north more able to respond to catastrophes.

The cyber specialist joins a company in growth mode, with acquisitions and new offices in London and Europe.

Rates began falling at the mid-year but loss activity has changed the mindset of underwriters.

Yao previously served as senior capital and reinsurance specialist at Suncorp’s Sydney office since joining the company in 2019.

News that the private equity house was preparing to bring the broker to market was revealed by Insurance Insider in June.

Rate rises were anticipated by brokers amid inflation and investment market volatility.

The BP Marsh-backed intermediary was valued at just £440,000 in January this year.

The Gallagher UK chair has been nominated as an Aldermanic Sheriff for 2023, which involves closer work with the Lord Mayor on trade and investment matters.

The London Market carrier has reported a 2023 stamp of £3.8bn for Syndicate 2623, its largest Lloyd’s vehicle.

The new unit will offer online quote and bind insurance, initially across 12 US states.

Authorities in the UK, Ireland, Belgium and Bermuda have rubberstamped the ambitious restructure.

The former Chubb Europe president will replace outgoing chair Peter Haynes.

Patrick Tiernan also voiced support for changes in sanctions to support the transport of Russian-origin food and fertiliser.

In the past two years, the broker has seen more captive uptake than any point since the 1980s.

The action is being taken by a securitisation entity managed and serviced by Dubai Aerospace Enterprise.

Eight syndicates including newer vehicles from CFC and others, as well as mature vehicles from Everest Re and Lancashire, have so far reported increases in stamp capacity of 50% or more.

The organisation has now recorded 640,496 claims, most of which were for residential property.