Property

The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.

Property deals got done with rate uplifts, private placements and buyers leveraging profitable long-tail lines deals, but many reinsurers were disappointed by the overall scale of improvement in property.

The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.

In an interview, Phil Bowie said the company plans to access reinsurance capacity directly, and called current market conditions “the best” for savvy underwriters.

Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.

The deal is the latest in a flurry of MGA M&A activity and comes after it sought to raise a balance sheet earlier in the year.

The ratings agency has proposed a significant change to how it assess insurers’ risk-based capital adequacy.

Grace, who had originally left Everest in May, will be based in London, after previously working out of Boston.

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.