Reinsurance

The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.

RedRiff Agency will underwrite A&H insurance and reinsurance through a Lloyd’s consortium led by Beat 4242.

It is expected to have a negative impact on profit after tax in 2024 of approximately $500mn.

The CEO anticipates reinsurers to continue focusing on attachment levels and that appetite for specialty classes will be higher.

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.

Property remained the largest class of business, whilst North America is an increasingly important income source.

Plus this week’s executive moves and all the latest exclusives of the week.

The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.

Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.

The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.

Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.

Mark to market investment losses and decreased capital allocation in high volatility lines are contributing to an ongoing hard market for reinsurance.

More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.

The broker said that capital levels should stabilise at previous levels, given a normal second half.