Swiss Re

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.