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.