Swiss Re
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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.
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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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