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Mercury’s recovery from the guaranteed percentage of losses is $47mn. -
Insured losses produced the second highest first-half tally since records began in 1980.
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Bridges joins from QBE, where he spent over 17 years.
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Some 185 credit claims were reported in the market, totalling over $400mn.
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Liberty Mutual, Allianz and Aviva previously had their appeals dismissed.
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The impact on the (re)insurance market has been muted due to its strong capital position.
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Plus, the latest people moves and all the top news of the week.
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Claims were concentrated in the US, with a significant increase in D&O class actions.
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Despite steep rate hikes, premium volume has held steady as players such as SpaceX self-insure.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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Questions remain over regulatory touch, capital requirements and tax benefits
