Reinsurers

Swiss Re, Munich Re, Hannover Re and Scor have set out divergent strategies on cat as volatility increases and the retro market seizes up.

Executives said they were surprised that underwriters had staged more of a return than brokers.

Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10%-19%, according to the latest white paper from Karen Clark & Co (KCC).

MS Amlin’s head of reinsurance Matthew Wilken is to leave the business for a role at Hiscox Re & ILS in Bermuda, this publication understands.

Scor is to shift its portfolio to increase the proportion of P&C to 60% and reduce life and health (L&H) to 40%, according to CEO Laurent Rousseau.

Plus an interview with Swiss Re’s Thierry Léger, and the London listed carriers’ Q3 results.

Lockton Re has hired James Boon from Aon to work as a senior broker in the expansive non-marine retrocession and property specialty division.

The International Group (IG) has offered premium rises of 52% on the lower part of its general excess of loss (GXL) reinsurance contract following a spell of substantial claims since the contract switched to a two-year deal, Insurance Insider can reveal.

The insurer will recoup $986mn from its reinsurers in relation to Q3 cats, of which $689mn stems from Hurricane Ida.

The return to an in-person event follows two years of forced cancellations owing to Covid-19.

Hurricane Ida will also hit the K-Cession sidecar but not the XoL cover, board member Sven Althoff said.

The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.