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The summit has been called the most significant for the industry to date, as there is a growing awareness of the value of insurance.
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The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.
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Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.
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After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.
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Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.
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E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
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The executive brings more than 25 years of global reinsurance broking experience to the new company.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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The New Zealand-based carrier has also decreased the upper limit of its catastrophe programme from NZ$934mn to NZ$750mn.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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