US Midwest
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The number has expanded by around 40% from an earlier update, sources said. -
SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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Tornadoes have killed at least 32 people in three states.
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The insurance industry has experienced mounting losses from severe convective storms.
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The group joined Velocity in December and includes James Robertson.
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This was Ryan’s second-largest 2024 deal, after its $1.4bn Assure purchase.
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