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The (re)insurer used alternative capital in the reinsurance coverage. -
The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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Q1 adverse reserve development went down to $4.2mn from $5.4mn a year ago.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
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Sentiment at the ILS Connect event hosted by Insurance Insider ILS was generally positive.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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The group reported “robust” growth in property reinsurance premium.
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Growing economic and population exposures are driving potentially larger insured losses.
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The California wildfires were the only “relevant event” for the period, the carrier said.
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The property segment experienced a 113.5-point impact from the California wildfires.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Insured losses were the second highest on record for the first quarter.
