Swiss Re
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Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
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Insurance Insider revealed this deal in January.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
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We take a look at the outgoing CEO’s performance as he prepares to handover to CorSo CEO Andreas Berger.
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Andreas Berger will step down as CEO of Swiss Re CorSo on 1 July.
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Severe convective storms were the biggest driver of last year’s losses.
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Hard-won profitability has given carriers room to salt away reserves.
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The recruit will run E+S Rück and part of European reinsurance.
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The carrier is also nominating Geraldine Matchett to its board.
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Opportunities for profitable growth remain in 2024, the agency said.
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The US tallies $97bn in economic losses from major perils each year.
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Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.
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The carrier added casualty reserves of more than $500mn during Q4.
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The group’s net profit leapt six-fold to $3.2bn for the year.
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The reinsurer took a harder line than peers on casualty treaty at the latest renewal.
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Swiss Re will transfer its Genoa-based hull business to Dual Europe and provide the MGA with underwriting capacity.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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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.
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Prior to his resignation, Stubbs held the role of deputy class underwriter at Chaucer Group.
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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.
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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.
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George Quinn has worked at Zurich for a decade and will oversee the completion of Zurich’s 2023 annual results.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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It is expected to have a negative impact on profit after tax in 2024 of approximately $500mn.
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The revision reflects Swiss Re's "strongly improved financial performance and better capitalisation and leverage”, the ratings agency said.
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.
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Howden Tiger advised the reinsurer on the deal, which involves a portfolio of US commercial multi-peril and workers’ comp business.
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Cat losses were within budgets despite high levels of minor events.
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Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.
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The reserve bolstering is due to a “more pessimistic view” of casualty loss trends.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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Mitchell confirmed the launch of consultancy firm Squared – The Power of Two in a LinkedIn post.
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Rory Morison was hired last month to lead the Australian business.
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The executive’s career to date includes key claims roles at Chubb and Swiss Re.
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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.
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Podmore joins from Swiss Re, where he held the role of lead cyber underwriter.
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The reinsurer said hardening of property reinsurance conditions must continue.
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Swiss Re has underperformed its reinsurance peers over the past 12 months, an analyst said.
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Rising counterparty risk from economic slowdown will support prices and growth.
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The report also stated that digital technology could generate savings of 10%- 20% in other processes in the value chain.
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The reinsurer said carriers could face challenges around underwriting profits and solvency levels.
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The decision to align across business units had removed the need for the regional presidents' roles, the company said.
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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.
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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.
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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.
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The carrier said there was still “room for improvement” in the property cat market.