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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP. -
The property segment reported a combined ratio of 15.5% for the quarter, versus 60.3% a year ago.
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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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Jason Keen joined Everest in 2022 as head of international.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The carrier is consolidating its venture capital activity into asset manager MEAG.
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This publication revealed the move earlier this year.
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Plus, the latest people moves and all the top news of the week.
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A canvassing of the cyber market suggests the impact will be negligible.
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Reinsurers are willing to concede on pricing, while cyber interest is on the rise.
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The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.
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The capital will provide retro cover for life-focused reinsurer Fortitude Re.
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Majority shareholder Fosun will continue to hold the remaining 86.7% of shares.
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EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.
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The change forms part of a broader leadership reorganisation.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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Insurance grad vacancies were down 18% year-on-year in the UK, ahead of a 3% nationwide drop.
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Though wildfire losses are up, total losses are the lowest since 2015.
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The carrier has been exploring launching into P&C organically or via acquisition.
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Class actions and third-party litigation funding will drive up losses.
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The governor has yet to sign a pending bill to create a public cat model.
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The reinsurer plans to grow its US business at a higher rate than its non-US business.
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The carrier has hired José David Jiménez García as managing director for Germany.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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In July, he took the role on interim basis from Laure Forgeron.
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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 will pay special dividends only in exceptional circumstances.
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Plus, the latest people moves and all the top news of the week.
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The facility will initially focus on US, Bermudian and European business.
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Stephen Ridgers is leaving his current role as head of construction midcorp at Allianz Commercial.
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Continental composite carriers aim to smooth volatility with new initiatives.
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The deal will be watched closely by Radian’s handful of similar peers.
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Part four looks at how the talent landscape will shift in response to AI introduction.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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Louis Tucker helped establish Barbican Insurance, which was later sold to Arch in 2019.
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How does Lloyd’s plan to secure its future as a leading global marketplace?
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The measures also seek to encourage greater wildfire mitigation efforts.
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The sidecar will support five programs providing specialty frequency coverages.
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The assistant treasurer is also due to review the Australian cyclone pool.
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From aviation claims to retention challenges, underlying dynamics will take time to play out.
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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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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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The carrier’s chief buyer urged a partnership approach from reinsurers.
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Cedants target methods of reducing pressure on earnings as reinsurers chase growth.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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Litigation funders are promoting “aggressive” tactics in the UK, Holland and Israel.
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The former Hannover Re CEO said reinsurers must use alternative capital and tech.
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The reinsurer is moving all its non-cat business to the new syndicate, leaving 1910 focussed on peak cat.
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Rates will remain elevated in a period of structurally higher risk premia.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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Tim Barber joins from QBE Re, where he was head of North America.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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Cyber reinsurance supply has continued to outstrip demand during 2025.
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Donna Swillman is currently a senior underwriter at Axa XL.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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The data modeling firm said losses previously averaged $132bn annually.
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Signs of discipline indicate a “break” from past boom/bust market cycles.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
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The ratings agency was presenting its outlook ahead of the Monte Carlo Rendez-Vous.
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The Japanese carrier faces integration challenges to make a success of the deal.
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James River said the court was right to dismiss the fraud case.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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Insight into the state of the insurance M&A market, powered by this publication's deal database.
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Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.
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This publication first reported deal talks last week.
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Last year marked the second consecutive year in which carriers made a positive return.
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