Zurich
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The executive worked on projects with the firm when he was an investment banker.
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All three carriers also announced increased dividends.
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At the group level, Zurich reported its highest-ever return on equity.
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The carrier has also hired Craig Bedford as specie underwriting manager.
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The insurer says Greensill's claim "arises out of a fraudulent scheme”.
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Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.
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The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.
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The carrier has made numerous energy and power appointments in recent months.
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George Quinn has worked at Zurich for a decade and will oversee the completion of Zurich’s 2023 annual results.
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In the US, growth was driven by property and motor lines, while Brazil and Mexico contributed most to the Latin America region’s growth.
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The (re)insurer has proposed the acquisition of a 51% stake in Kotak Mahindra General Insurance Company for $488mn.
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The top five insurers on the continent maintained their ‘clear dominance’ in terms of scale.
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Dirk De Nil will step into the role following the retirement of Hanno Mijer, who has been CEO of Zurich Resilience Solutions since its inception in 2021.
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Plus the latest people moves and all the top news of the week.
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The commercial insurance CEO said carriers must communicate on the reasons for ongoing rate increases as the market bifurcates.
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The carrier's combined ratio in P&C operations rose by 1.3 percentage points over the period, to 92.9%.
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The Association of British Insurers has also appointed Clare Bousfield, CEO of retail and savings at M&G, as deputy president.
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Analysts claimed the relative lack of transparency will allow carriers to earn higher margins for longer.
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Growth was mainly driven by rate increases, with North America accounting for 50% of P&C expansion.
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The trade body is in crisis following a string of misconduct allegations, including alleged rape.
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Beneva has signed up to net-zero targets as a member of the NZIA, following a period of turbulence in which Munich Re, Zurich and Hannover Re have left the alliance.
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Aviva has said it is committed to the Net-Zero Insurance Alliance, in the wake of withdrawals from the group by Zurich, Munich Re and Hannover Re.
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Hannover Re has followed Zurich and Munich Re in announcing its departure from the Net Zero Insurance Alliance, though it offered no explanation for its decision.
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The loss hits a market grappling with social and economic inflation, plus increased reinsurance costs.
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Zurich’s decision comes less than a week after Munich Re decided to withdraw from the UN-backed initiative.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Executives noted that changes capping cat exposure via the treaty made it a less capital-intensive transaction for Zurich than in the past.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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Of the 8.5% quota share assumed by Farmers Re, 6.75% was retroceded to Zurich Global.
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The carrier benefited from favourable rate environments across all geographies, as well as lower catastrophe and weather-related claims.
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The CEO called for the formation of public-private partnerships, akin to those in place for terrorism or earthquakes, to tackle systemic cyber risks.
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The pub group and bakery chain will dispute elements of judgements issued in October in UK Covid-related BI lawsuits.
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Streidl will step into the role following Rob Kuchinski’s retirement at the end of the year.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The carrier will turn its attention to embedding sustainability across Zurich in the next three-year period.
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Zurich had already planned to reduce its US cat exposure by 10%, a target that has nearly been achieved, the executive said.
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The carrier’s North American business recorded the strongest GWP growth, booking a 14% increase for the year to date.
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Mondelez had filed a $100mn lawsuit against the insurer over payment denial.
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Many policyholders are likely to receive larger payouts following the judgement, but a worst-case scenario has been averted.
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Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims.
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The bakery will be able to claim for multiple separate incidences rather than confining its losses to a single £2.5mn ($2.8mn) cap.
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Penny Seach is to succeed Hayley Robinson, who has decided to step down at year end for family health reasons.
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With significantly lower retentions, AIG, Assurant and Allstate are more likely to pass the cost of the hurricane onward to their reinsurers.
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Offshore energy chairman Frank Streidl said margins are tight and upstream had not hardened like other insurance lines.
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The willingness by legacy buyers to walk away from deals is a sign of discipline in a competitive market.
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Clubs including Arsenal, Aston Villa and Leicester City are claiming against insurers.
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