Reinsurance

The summit has been called the most significant for the industry to date, as there is a growing awareness of the value of insurance.

The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.

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.

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.

Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.

Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.

Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.

E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.

The executive brings more than 25 years of global reinsurance broking experience to the new company.

Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.

The New Zealand-based carrier has also decreased the upper limit of its catastrophe programme from NZ$934mn to NZ$750mn.

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.