Swiss Re

Munich Re is among the insurers with a stake in the German carrier.

Class actions and third-party litigation funding will drive up losses.

In July, he took the role on interim basis from Laure Forgeron.

Continental composite carriers aim to smooth volatility with new initiatives.

The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.

Plaintiffs allege that manufacturers and retailers have broken environmental laws.

The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.

Litigation funders are promoting “aggressive” tactics in the UK, Holland and Israel.

Anticipation, motivation and inspiration are central to effective implementation.

Swiss Re forecasts more risk transferring to reinsurance and retro markets in the future.

Growth in the SME sector could help stabilize the market, however.

The underwriter has over 20 years' experience in the construction insurance sector. 

The mid-year renewals point to mounting pressure on reinsurance pricing.

Plus, the latest people moves and all the top news of the week.

The CEO said the carrier will prioritise margin over top-line growth.

The P&C division booked a combined ratio of 81.1% for the first half of 2025.

California wildfires account for $40bn of the insured loss tally in H1.

Laure Forgeron has worked at the Swiss carrier since 2009 in numerous senior positions.

The reinsurer said US president Donald Trump’s policy was already impacting investment.

Separately, Caribbean market head Janine Seifert is leaving the reinsurer for BMS Re.

Hannover Re’s CEO is lowest paid among peers, despite their pay growing 77% since 2015.

P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.

The reinsurer’s CFO cited a 1.5% net price reduction year to date.

Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.

Specialty reinsurance has experienced high competition for talent.

The carrier has also added AIG’s Alice Hawkins to its aviation unit.

Growing economic and population exposures are driving potentially larger insured losses.

The tariffs could expose insurers to the risk of recession and shrinking income.

The asset manager has hired Rom Aviv as head of ILS.

Plus, the latest people moves and all the top news of the week.

Some of the Big Four are slowing growth as the market softens.

This follows the firm’s exit from primary aviation.

Plus, the latest people moves and all the top news of the week.

CEO Andreas Berger addressed Swiss Re’s primary aviation exit.

Katie McGrath is appointed CorSo CUO amid a restructure of the unit.

The carrier increased premium by 7% at the January renewals.

Sources said that the firm was already preparing to drop the book before the spate of losses.

The executive has also worked for Guy Carpenter during her 20-year career.

Anthony Norfolk joins from Swiss Re, where he was a senior engineering underwriter.

Philip Ryan and Sir Paul Tucker will not stand for re-election.

The executive has been with the firm for 27 years.

Aggregates that are featuring in the reinsurance market are not the low-attaching ones of prior years, he added.

The P&C re unit will target a combined ratio below 85%.

It estimated insured losses from nat cats on track to exceed $135bn in 2024.

This year’s top-line growth will be a decade-high.

The market grew at a rate of 32% annually from 2017 to 2022.

The additions included significant reserve bolstering for recent year portfolios 2021-2023.

The stock price rose as analysts declared the L&H reserving review better than feared.

The market reacted to the $2.4bn charge in a positive light.

The company said it is still on target to achieve $3bn net income for the full year.

The carrier’s Q3 net income will be around $100mn, far below consensus.

More public-private partnerships are needed to keep cat risk affordable.

The executive also highlighted SRCC in property treaties as a concern.

The carrier highlighted Italian and French hail events in recent years.

Pockets in the business are still experiencing significant stress, she added.

The new CEO has owned past challenges and charted a better course, but will need to be relentless in driving change.

The company is currently “underweight” in that line of business, he added.

The reinsurer constructed a “social inflation index” for a new study.

In his first interview as Swiss Re CEO, Andreas Berger acknowledged the mistiming of casualty growth, a purist approach on reserving and organisational complexity.

Plus the latest people moves and all the top news of the week.

The ratings agency said comparing companies was complicated by the adoption of IFRS 17 accounting.

Scor disclosed L&H troubles while Swiss Re continued reserving for US casualty.

Positive cat experience impact of $600mn was offset by $500mn in property and specialty reserves.

The P&C Re CoR came in at 84.5%, a 10.2-point YoY improvement.

Plus the latest people moves and all the top news of the week.

John Dacey will retire at the end of March 2025 after 12 years with the firm.

A roundup of all the news you need today, including Lloyd’s chairman candidates.

The insurance sector’s RoE is expected to exceed 10% next year.

SCS caused global insured losses worth at least $8bn in the first quarter of 2024.

The Italian hailstorm event in the summer 2023 saw estimated losses nearly triple.

Combined ratios improved all around thanks to better pricing and a benign cat quarter.

CFO John Dacey said the carrier had concluded it was not the “best owner” for iptiQ after a strategic review.

The carrier also announced that Moses Ojeisekhoba, CEO of Global Clients and Solutions, has resigned.

P&C re and CorSo reported improved net profits and combined ratios for the quarter.

Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.

Insurance Insider revealed this deal in January.

The new CEO needs to fix the underwriting, but should also ask the bigger questions.

We take a look at the outgoing CEO’s performance as he prepares to handover to CorSo CEO Andreas Berger.

Andreas Berger will step down as CEO of Swiss Re CorSo on 1 July.

Severe convective storms were the biggest driver of last year’s losses.

Hard-won profitability has given carriers room to salt away reserves.

The recruit will run E+S Rück and part of European reinsurance.

The carrier is also nominating Geraldine Matchett to its board.

Opportunities for profitable growth remain in 2024, the agency said.

The US tallies $97bn in economic losses from major perils each year.

Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.

The carrier added casualty reserves of more than $500mn during Q4.

The group’s net profit leapt six-fold to $3.2bn for the year.

The reinsurer took a harder line than peers on casualty treaty at the latest renewal.

Swiss Re will transfer its Genoa-based hull business to Dual Europe and provide the MGA with underwriting capacity.

The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.

Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.

Prior to his resignation, Stubbs held the role of deputy class underwriter at Chaucer Group.

The downgrade was driven by a change in the Swiss Insurance Supervision Act, which came into effect 1 January and is unrelated to the rating fundamentals of Swiss Re, according to the agency.

Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.

George Quinn has worked at Zurich for a decade and will oversee the completion of Zurich’s 2023 annual results.

Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.

Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.

The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.

It is expected to have a negative impact on profit after tax in 2024 of approximately $500mn.

The revision reflects Swiss Re's "strongly improved financial performance and better capitalisation and leverage”, the ratings agency said.

Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.

Howden Tiger advised the reinsurer on the deal, which involves a portfolio of US commercial multi-peril and workers’ comp business.

Cat losses were within budgets despite high levels of minor events.

Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.

The reserve bolstering is due to a “more pessimistic view” of casualty loss trends.

The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.

Mitchell confirmed the launch of consultancy firm Squared – The Power of Two in a LinkedIn post.

Rory Morison was hired last month to lead the Australian business.

The executive’s career to date includes key claims roles at Chubb and Swiss Re.

With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.

Podmore joins from Swiss Re, where he held the role of lead cyber underwriter.

The reinsurer said hardening of property reinsurance conditions must continue.

Swiss Re has underperformed its reinsurance peers over the past 12 months, an analyst said.

Rising counterparty risk from economic slowdown will support prices and growth.

The report also stated that digital technology could generate savings of 10%- 20% in other processes in the value chain.

The reinsurer said carriers could face challenges around underwriting profits and solvency levels.

The decision to align across business units had removed the need for the regional presidents' roles, the company said.

As the curtain comes down on the millionth Monte Carlo Rendez-Vous, and the prices in the cafes and restaurants are presumably reset to their customary levels, the conference has again done its main job.

Hurricane Idalia is a reminder of the new normal cat environment and that reinsurers must continue to ensure they do not pick up attritional losses, the company’s P&C head said.

Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.

The carrier said there was still “room for improvement” in the property cat market.

Plus this week’s executive moves and all the latest exclusives of the week.

Warehouse or science lab? Those tend to be two of the diverging views on Swiss Re, the oldest reinsurer, with a 160-year history.

Following the initial decision in the case, Julia Sommer sought £5.1mn in compensation for the claims she made against her former employer.

AM Best said market hardening was likely to continue through 2024, given global market conditions.

The ratings agency also affirmed Swiss Re’s ‘AA-’ rating, with the carrier expected to maintain an ‘AA-’ rating through 2024.

Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.

A total of 10 events caused more than $1bn in losses each.

CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.

The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.

The current vice chair will lead the (re)insurer’s board until he can be officially nominated for election at the next AGM in April 2024.

The executive will report to reinsurance solutions CEO Russell Higginbotham.

Reserves eased slightly from 2020 through 2022, driven by motor and general liability sectors in the US and UK.

The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.

The report outlined 17 recurring and emerging risks (re)insurers should be aware of.

The comment comes after major US carriers pulled back from new business in wildfire-prone California.

The collapse of the Net-Zero Insurance Alliance means insurers must find new neutral ground to continue ESG engagement, CEOs at the Geneva Association's General Assembly said.

Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.

In this second of a two-part analysis on the proliferation of ChatGPT and similar generative AI tools, Insurance Insider explores the risks inherent in using them.

Christoph Oehy will replace Luzi Hitz in November 2023.

After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.

The Swiss reinsurer follows Munich Re, Hannover Re and Zurich in withdrawing from the alliance.

The executive will report to CEO James Shea and is based in Florham Park, New Jersey, United States.

Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.

Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.

He will succeed Melanie Slack, who will be retiring after more than 20 years with the firm.

The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.

The carrier’s P&C re and CorSo units benefited from price increases at 1 April, as well as the receding impact of Ukraine.

The executive returned to Swiss Re after a stint as a management consultant.

The news comes after it emerged last week that RSA was launching into the superyacht class of business.

It was announced last month that Ermotti will step down after the AGM and a short handover period.

Russell Higginbotham, CEO of Swiss Re’s reinsurance solutions, has also been added to the firm’s Global Clients & Solutions executive committee.

Julia Sommer won her tribunal last year after she claimed to have been consistently discriminated against for her sex and was unfairly dismissed after her maternity leave.

Jacques de Vaucleroy has been appointed vice chairman as the carrier seeks a new chairman.

The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.

Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.

The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.

Marcus Pollak and Stefan Behr will be based in Zurich.

The appointments will be effective July 1, subject to regulatory approvals.

The carrier said 18% nominal price increases are mitigated by a 13% rise in loss assumptions.

The carrier has reported a P&C re combined ratio of 102.4% for the year.

The head of property and specialty underwriting reinsurance posted on LinkedIn that he had brought forward his planned departure from the firm after 35 years.

Under the new structure, Urs Baertschi will run P&C Re, while Paul Murray will lead L&H Re.

Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.

Fred Kleiterp worked at Swiss Re for more than 20 years but has joined Beazley as European general manager.

Fred Kleiterp will leave his current role as CEO for EMEA at Swiss Re Corporate Solutions to join Beazley in June.

The executive was previously head of casualty underwriting for EMEA.

Cedants are grappling with rising rates while coverage narrows.

Vanessa Lau and Pia Tischhauser will stand for election in April as Renato Fassbind and Susan Wagner retire from the board.

The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.

Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.

The reinsurers will provide a parametric solution to ensure a fast payout.

Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.

The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.

The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.

Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.

The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.

The carrier is likely to book a Q3 net loss of $500mn for the storm.

The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.

The transport sector has the largest investment gap, needing an estimated $114tn to build greener infrastructure.

The CII also appointed Ian Callaghan as deputy president for 2023.

The storm is not expected to be a threat to the order of Jebi or Hagibis.

Roman Hohl is rejoining the reinsurer after a decade, having previously worked there as head of agriculture Asia Pacific, director, for four years.

Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.

This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.

Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.

In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.

Economic inflation is having a “minor” impact on reserving practices and is unlikely to result in negative reserve developments, said Swiss Re’s CUO Thierry Leger.

Guido Fürer will step back effective 31 March 2023 to spend more time with his family and dedicate himself to his charitable endeavours.

Gallagher Re has been appointed as the broker for the programme following an RFP.

The carrier said geopolitical factors had given “new urgency” to the green transition.

Insured losses in 2021 alone hit $20bn.

A former Swiss Re underwriter, who was told by a former senior manager “I bet you like to be on top in bed” at the carrier, had a number of discrimination claims against the firm upheld.

The executive will work to help corporations understand and mitigate the threats posed by climate change.

Swiss Re, Munich Re, Hannover Re and Scor have set out their strategies on inflation, pricing and Ukraine.

Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.

The carrier’s 6% rate increases over 2022 YTD are “subsumed” by larger loss expectations, including rising inflation.

The P&C re segment secured 12% rate increases at the 1 July renewals.

The recruit joins from Verisk.

The forecast for real-term premium growth was depressed by anticipated claims inflation.

Insurance resilience is still lower than prior to the Covid-19 shock, according to Swiss Re’s sigma research.

The carrier mapped out the future threat landscape for insurers as part of its annual Sonar report.

Ukraine uncertainties remain despite some loss estimates emerging in Q1 earnings across the Big Four European carriers, while inflation looms on the horizon.

Swiss Re goes against the tide in expanding in cat, while specialty rates appear to be holding up better than expected.

The reinsurer also flagged that it is not banking on many reinsurance recoverables from its CorSo exposure to war claims.

Market volatility also eroded investment income, with a $283mn Ukraine loss.

The (re)insurer aims to fill a gap in the market by providing ESG data for insurers on the private firms they insure.

She was previously an investor relations senior manager at Swiss Re.

The first-of-its-kind deal blends bank financing with ILS funding.

The CUO of the world’s largest reinsurer explains the company’s enduring commitment to cat risk despite advancing climate change.

In this newly created position, Claudia Cordioli will report to group CFO John Dacey.

David Presley joins Compre while the legacy carrier is targeting expansion in the US.

The broker said there was still a “big unknown” around the potential global economic impact of the conflict.

The Russian invasion of Ukraine is likely to result in a “mid-sized” cat loss, according to Swiss Re CEO Christian Mumenthaler.

The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.

Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.

The second of Insurance Insider’s deep-dive analysis pieces on innovation examines the internal structures and opportunities that can accelerate innovation.

Katie McGrath replaces Ivan Gonzalez who has been appointed CEO reinsurance China and China country president.

The carrier has already withdrawn cover for the top 5% of carbon-intensive oil and gas firms in the past year.

In his new role, Jeffrey Pan will also be a member of the Corporate Solutions APAC executive team.

The trio join WTW, Aon, Marsh McLennan, Hannover Re and Generali in shunning Russia over the Ukraine invasion.

Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.

The carrier’s CFO said there will be continued opportunities to grow top line in P&C, CorSo and L&H over 2022.