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Sources said they expected FM to keep around $2bn of the maximum line net. -
The broker has analysed the differences in wildfire risk between Northern and Southern California.
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The capacity backs the reinsurance underwriter to cover international risks outside the US.
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The LA wildfires resulted in the largest insured loss of the year, at $40bn.
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The executive will take the position left vacant by Alain Bizet, who moved to lead Chaucer LatAm in Miami last year.
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November hailstorms and current storms and bushfires racked up claims.
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Nick Durant helped launched Lockton Re North America in 2019.
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Jen Tan was most recently head of portfolio strategy.
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The CEO said the industry’s penetration outside its traditional heartlands remains “woeful”.
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The unit will be led by Ed Hochberg, global risk solutions leader at Guy Carpenter.
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The carrier acquired the motor insurer in September last year.
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Reinsurers’ average RoE was 16% as of September 2025.
