Property

The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.

Icat’s Ashleigh Cashman was also bullish on 20%+ rate increases next year, after originally expecting rate gains between 5%-15%.

The advent of radar technology, satellite imagery and ground-sensor technology has allowed brokers and underwriters to develop better tailored products.

The acquisition comes as Argo works to reduce volatility in its portfolio, including selling Ariel Re and shedding limits in its property book.

Many insurance carriers will struggle to make a profit this year, as despite increased rates, carriers’ books are still underperforming, according to RPS executive James Rozzi.

The (re)insurer remains committed to cutting volatility and adjusting its risk profile by moving to specialty segments and repricing businesses where margins are inadequate.

The business will be underwritten by Homesite Group, a subsidiary of American Family Mutual Insurance.

The notification comes after a $100mn filing from Tulane University reported by this publication earlier this month.

The exit in London comes at a time of wider market discussion around the adequacy of cat pricing.

The deductibles bill passed by the Senate and signed into law during the summer has raised concerns among underwriters and brokers.

With loss exposure reduced, FM Global is doling out premium offsets of up to 15% on renewals to policyholders.

“Certainly, I'm concerned about solvency, but I'm extremely confident that we will come out of this with as robust and competitive a property insurance market based on these small regional carriers,” Donelon told this publication.