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The carrier anticipates a “favourable” retro renewal at 1.1. -
The federation, FASE, aims to connect all participants to provide a voice for European MGAs.
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Both the primary and reinsurance segments benefitted from a light cat year.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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The French reinsurer improved its P&C combined ratio by 7.4 points to 80.9%.
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The company reported no cat losses but saw a jump in attritional losses.
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CEO Brand said he expected to deliver double-digit growth, if “marginally” lower in 2026.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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The fundraising structure for the deal includes a $600mn Convex debt raise.
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The revised outlooks reflect the difficult moment as Everest moves away from retail.
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In insurance, premium growth came from all lines of business except cyber.
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Sources said that the businesses in Canada and LatAm were part of Everest’s original plans to sell its retail book.
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AIG has agreed to pay Everest $10mn per month for nine months for transition services.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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Consolidated NWP reduction was driven by the reinsurance segment, partly attributable to two transactions in Q3 2024.
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The appointments are aimed at offering a clearer team structure.
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AWS suffered a large-scale service disruption originating in northern Virginia.
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The company noted tougher market conditions and higher large losses during the year.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Brian Church has spent 20 years at Chubb.
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The MGA is also looking to build out its US mid-market professional liability expertise.
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Carriers are rethinking the traditional renewal-rights model.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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Improved performance and growing investment returns played a role in the upgrade.
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The executive was most recently serving as CRO – insurance.
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The protection gap must be closed before a public cyber reinsurance scheme is possible.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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Tom Potter was global casualty underwriting manager for UK & Lloyd’s at Axa XL.
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The tropical cyclone is expected to be named Imelda.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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The Corporation’s chair reiterated its aim to reduce the cost of doing business.
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The market turn may give some staff pause for thought, but reward remains high.
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Despite formation of Gabrielle, there is "a very high probability" of a below-average season.
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The low degree of overlap between the combining portfolios benefits both parties.
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How does Lloyd’s plan to secure its future as a leading global marketplace?
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More general issues at recruitment level include drawing from too narrow a pool.
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Age has not been addressed as much as other areas of diversity, the panel said.
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Vantage Group Holdings received a BBB- long-term issuer credit rating.
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The practice group will enhance the company’s existing offerings in E&S.
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The affirmations reflect Everest’s strong underwriting diversification.
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Plus, the latest people moves and all the top news of the week.
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The tech firm is building a joint stock company with insurers and investors.
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The new recruit will report to group CUO Ian Houston.
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Chilton founded Capsicum Re, which was acquired by Gallagher in 2020.
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Models anticipate a busier second half, particularly in the next few weeks.
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The carrier’s US and Europe claims teams will report to Clayden.
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The platform aims to “bend the loss curve”.
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A roundup of the breaking news, C-suite interviews and exclusive insights.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Blackstone-style capital seeking to get closer to source is a net negative for reinsurers.
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Geopolitical turbulence brings new challenges that primary specialty lines carriers urgently need to address.
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Being conservative and stable is the name of the reinsurer’s game.
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The aviation market may prove an outlier following a disastrous year of loss activity.
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Reinsurers and their cedants are feeling their books are in better shape, although the market is still uneven.
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Reinsurers are ready to draw a line under a worsening claim outlook across the casualty market.
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The carrier M&A cycle has started and reinsurance is a segment where acquisitions work better.
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Anticipation, motivation and inspiration are central to effective implementation.
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Swiss Re forecasts more risk transferring to reinsurance and retro markets in the future.
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The post-disaster reinsurance start-up model is changing.
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Excess capacity will sustain softer rates, as organic growth challenges lead to more M&A chatter.
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Agency reactions ranged from Fitch revising down its sector outlook to AM Best keeping a positive outlook.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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The reinsurer’s new CEO said he sees no need for a radical shift in strategy.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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Former Hannover Re CEO Jean-Jacques Henchoz received the Lifetime Achievement award.
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The executive said claims can be a differentiator in a softening market.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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The ratings agency warned negative PYD on US casualty will likely continue.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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Plus, the latest people moves and all the top news of the week.
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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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He succeeds Felix Cassau, who is joining Hannover Re.
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Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.
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This publication revealed yesterday that the two were in detailed takeover talks.
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She was most recently claims manager at QBE France.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.
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Nat-cat events triggered A$1.36bn of losses during the year.
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The London carrier missed consensus on gross and net premiums for H1.
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The Hannover Re CEO said rate adequacy remains “attractive” overall.
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The carrier is the first Fortune 500 company to take a stake in a League Two club.
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In trying to solve multiple needs, specialty reinsurance opens up complexities.
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California wildfires were the reinsurer’s largest H1 loss, at EUR615.1mn.
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Rachel Sabbarton has been promoted to CEO at Lancashire Syndicates.
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Both organisations still predict an above-average hurricane season.
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The carrier cited elevated cat and large-loss activity, including the LA wildfires.
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The company bolstered casualty reserves by $18mn, mostly from discontinued lines.
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The move will impact around $50mn of gross written premiums in total.
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The carrier’s overall P&C combined ratio improved 1.8 points to 91.2%.
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The Swiss carrier improved its P&C combined ratio by 1.2 points to 92.4%.
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Cat losses of $1.5mn, net of reinsurance, were primarily due to severe convective storms.
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This publication reported yesterday that Talanx was closing in on the sale.
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The loss was driven by nat cats and reserve adjustments in US casualty.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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Prior-year reserve development moved to a $6.3mn charge in Q2 from a $19.3mn release a year ago.
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With roughly 200 employees, the South American operations generated over EUR130mn in 2024 GWP.
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The executive has spent more than three decades in insurance.
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The company has also expanded its relationships with US and UK MGAs.
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The new team will be headed by Brown & Brown’s Ed Byrns.
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The underwriter was head of financial institutions at LSM for six years.
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Matthew Doherty joined the reinsurer in 2018 as SVP, property portfolio manager.
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Cat portfolios generally grew, but casualty approaches varied.
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The reinsurance CoR decreased 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The executive joined Navigators in 2010 after eight years at White Mountains Capital.
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A majority of staff not offered jobs at Ryan Re will remain at Markel to manage the run-off.
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The Miami-based executive assumes the role left vacant by April McLaughlin.
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Specialty casualty now accounts for around 22.2% of its insurance business mix.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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Everest booked $98mn of aviation losses related to the war, which contributed 2.5 points to the consolidated CoR.
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The Bermudian said its pursuit of SMEs through M&A will provide sustainable improvements to its bottom line.
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Pricing was “virtually flat” in the second quarter.
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The CEO said business remains adequately priced in most classes.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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The loss ratio rose 1.9 points to 53.1%, while the expense ratio ticked up 0.6 points to 28.1%.
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The carrier had $20mn in reserve releases in the quarter, compared to nil in Q2 2024.
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This brings the carrier’s total limit on the program to $1.8bn.
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The reduced fine reflected the PRA view that the breaches weren’t deliberate.
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North American carriers completed the most transactions in the first half of 2025.
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Surveys show diversity and inclusivity foster a sense of belonging and increase productivity.
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The reinsurance unit’s combined ratio for the quarter was 94.2%.
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Improved book value, a healthy CoR and disciplined underwriting mark the CEO’s time at the helm.
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Bridges joins from QBE, where he spent over 17 years.
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CFO Christoph Jurecka will succeed as management board chair.
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The medical professional liability firm is targeting further healthcare opportunities.
-
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The suit claims billions of dollars are being illegally withheld.
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Airmic has been lobbying the government to introduce a captives framework for years.
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The US accounted for 92% of all global insured losses for the period.
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The outcome of the consultation includes a detailed timetable for delivery.
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In the US, the index fell 6.7% year on year.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The Cathal Carr-led carrier has been building its team since launching this year.
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Demand and growth opportunities remain ample despite competitive pressures.
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Arturo Pelaez will continue in his managing director role at Brookfield Asset Management.
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It is the second deliverable of the FIT Transition Plan Project.
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The managing agency is offering 62p per £1 for 2026 YoA capacity.
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The awards will be held on 3 September at The Brewery in London.
-
The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
-
SRCC exposures are being studied more closely but fixing aggregation issues is a challenge.
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The carrier said the cuts will help it to become a “simpler, digital-led business”.
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The investment comes amid expectations of a new cycle of deals.
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Phil Furlong has been made head of underwriting and oversight, a newly created role.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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In April, the loss modeller pegged losses at A$2.57bn.
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Who will buy the swathe of PE-backed Lloyd’s firms coming to market over 2025-26?
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The firm's near-term global strategy includes operations in the UK, US, parts of Europe and Asia.
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The reinsurer has also appointed Mehdi Benleulmi as global head of credit.
-
This year is predicted to be an above-average season, like 2024.
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Markel International has also hired senior underwriter Keely Madden.
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The hire is the latest in the newly formed carrier’s buildout.
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The carrier benefited from top-line growth and lower adverse PYD.
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Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
-
Specialty reinsurance has experienced high competition for talent.
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The revision is significantly lower than the $4.5bn October estimate.
-
The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The carrier will focus on mid-market business outside of Lloyd’s.
-
The reinsurer's group operating income fell by 14% to EUR480.5mn.
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More players are looking to the class in a bid for top-line growth.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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The company’s upsized public offering priced at $30 per ordinary share.
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The (re)insurer used alternative capital in the reinsurance coverage.
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Hamilton also expects rising demand and stable supply for 1 June renewals.
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The IPO was announced at the end of April, targeting ~$2.6bn-$2.9bn.
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Hamilton reported $150.5mn of net cat losses, partially offset by $9.2mn favourable prior year development.
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IGI saw opportunities in energy, ports and terminals and marine cargo but remains cautious in long-tail lines.
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The specialty carrier is braving volatile macroeconomic conditions in a second effort to list.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
-
Till Wagner and Felix Rollin have been named executive board members in Germany.
-
The CEO expects overall P&C pricing to be “stable” through 2025.
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The carrier booked LA wildfire losses of EUR148mn.
-
Cat losses included $17.5mn from the CA wildfires and other events.
-
The carrier reported a below-budget cat experience, despite the California wildfires.
-
Space pricing experienced double-digit increases after the 2023 capacity retreat.
-
At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
-
Meanwhile, gross written premiums grew 8.6% year on year to $985mn.
-
The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
-
We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
-
The remediation process is on track for completion in the fourth quarter.
-
The CUO described the pricing dynamics in the line as “strong and good”.
-
The executive also addressed the impact of the US tariffs.
-
Its 2025 programme exhausts at $9.5bn excess $1bn.
-
The carrier estimated its California wildfire loss at $145mn-$165mn.
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The days of 30%+ growth are probably behind the firm, he said.
-
The group reported a 19.1% return on opening adjusted tangible book.
-
Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
-
The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
-
The carrier is offering shares priced at $29-$31.
-
The California wildfires were the only “relevant event” for the period, the carrier said.
-
The business, which has ~EUR300mn of book value, is expected to launch a process.
-
Insolvencies caused by the tariffs could also cause increased losses
-
The storm made landfall in Queensland, Australia at the beginning of March.
-
The firm acted as the front for Trouvaille Re, the E&S property sidecar for MGA AmRisc.
-
From where to prioritise investing to managing slower growth, there are tough balancing acts ahead.
-
The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.
-
Storms in the UK and Ireland drove losses in the commercial segment.
-
Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.
-
Swiss Re and Talanx led the gains among listed European carriers.
-
The ratings agency said underwriting-cycle management would be key going forward.
-
The tariffs could expose insurers to the risk of recession and shrinking income.
-
Markets have taken a battering across the globe following the “Liberation Day” announcement.
-
Large losses and attrition put pressure on aviation underwriters.
-
The combined ratio improved by 1.9 points to 94.7%.
-
Jonny Strickle became the group chief actuarial officer for the carrier in 2023.
-
The event has caused widespread damage in Bangkok, Thailand.
-
The executive has managed both casualty and personal lines reinsurance books.
-
The combined ratio improved 1.5 points to 90%.
-
The executive, Everest CEO from 1994 to 2013, has served as board chair since 1994.
-
The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
-
The executive said the market would be updated on progress in late April.
-
The MGA’s GWP hit $4.6bn as the CEO labelled aviation all-risks rates “woefully inadequate”.
-
The segment’s underwriting results halved to $532mn in 2024 from $1.07bn in the prior year.
-
The insurance industry has experienced mounting losses from severe convective storms.
-
These events can also no longer be considered secondary perils, executives said.
-
Almost 300,000 people have been left without power from the storm.
-
CEO Alex Maloney said the LA fires might prompt some carriers to go more “risk-off”.
-
Changes in business mix towards specialty and improved reserve development offset higher Q4 cat losses.
-
The estimate is based on industry losses in the range of $35bn-$45bn.
-
CEO Andreas Berger addressed Swiss Re’s primary aviation exit.
-
The carrier’s CoR improved across P&C, including at commercial lines-focused Axa XL.
-
Conditions in the London market remain attractive according to CEO Aki Hussain.
-
Katie McGrath is appointed CorSo CUO amid a restructure of the unit.
-
The carrier announced a $175mn share buyback.
-
The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
-
Cedants could choose to retain more as cross-share sell-offs boost their capital.
-
Retention levels for reinsurance fell across the different geographies the carrier operates in.
-
Social inflation and larger vessels are making multi-billion losses more likely.
-
Good ESG practices are part of good risk management, the company said.
-
The carrier expects to book $100mn-$140mn from the California wildfires.
-
James Shea will lead the new Sompo P&C arm, while Yasuhiro Oba will become Wellbeing CEO.
-
More than 33,000 claims had been filed as of 5 February.
-
Genna Biddell will report to Brad Melvin, president and CEO, BMS Re US.
-
Annual report pegged data and cyber security risks as most cited business challenges.
-
The Dana floods in Valencia resulted in a EUR34mn net impact at group level.
-
The executive has also worked for Guy Carpenter during her 20-year career.
-
The government’s consultation ended on Friday (7 February).
-
Iumi expressed concern about the escalation of trade wars.
-
Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
-
The board intends to issue a dividend of EUR2.70 per share.
-
Reinsurers on portfolios with longer-tail liabilities may withdraw.
-
Andy Houston will be based in London, reporting to Mark Roberts, division president UKISA.
-
The French credit insurer has Apollo lined up as its managing agent.
-
Non-proportional business accounted for 34% of its total.
-
A combination of mandated days and soft pressure is driving up EC3 attendance.
-
The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
-
The carrier is restructuring the business into three segments.
-
Anthony Norfolk joins from Swiss Re, where he was a senior engineering underwriter.
-
Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
-
Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
-
In the food and beverage market, rates are falling by an average of 3%-4%.
-
The carrier can claim separately for the Palisades and Eaton fires if necessary.
-
The reinsurance attaches at $7bn, unchanged for the past two years.
-
Market softening means exploiting hardening niches is the name of the game.
-
Philip Ryan and Sir Paul Tucker will not stand for re-election.
-
High-net-worth binders and treaty exposures will bring significant claims to Lloyd’s writers.
-
This could see it surpass the 2017 Camp Fire, which cost around $12.2bn.
-
Moody’s also expects losses in the billions of dollars.
-
Six fires now cover more than 27,000 acres across Southern California.
-
Julia Willberg joins from Hannover Re, where she has held several senior roles.
-
Tim Watson most recently served as a senior credit and political risk underwriter.
-
In part two of our 2025 outlook, we explore the drivers of carrier M&A and recreating the ESG agenda.
-
An 11th-hour softening has driven discounts into double-digit territory on some deals.
-
The reinsurer is buying out China Minsheng affiliate at year-end.
-
Axa XL leads the aviation all-risks reinsurance coverage for the destroyed Jeju Air Boeing 737-800 craft.
-
A quick roundup of the top stories of the week.
-
The storms struck Victoria, New South Wales and Queensland.
-
Insight into the insurance M&A market, powered by Insurance Insider’s deal database.
-
Reinsurer appetite for aggregates begins to creep back in.
-
Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
-
Aggregates that are featuring in the reinsurance market are not the low-attaching ones of prior years, he added.
-
The result was impacted by recent adverse development on a liability portfolio.
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