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The portfolio encompasses $5bn+ of subject premium across ~75 programs. -
The protection covers the US insurance book for the 2024 and prior accident years.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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The carrier has been exploring launching into P&C organically or via acquisition.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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The mood in Orlando was sunny among cedants and reinsurers alike, but there are clouds on the horizon.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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The move marks Acrisure Re’s first investment in Latin America.
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The unit’s co-heads, Braithwaite and Apostolides, left the firm in the summer.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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Expansion into adjacent markets, capital return and M&A among top means of capital deployment.
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The new unit will be led by former Emerald Bay exec George Dragonetti.
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The executive has worked for Aon for almost two decades.
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Industry stocks were firmly behind the S&P 500 in Q3.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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The vehicle will now cover an E&S program jointly launched with Accredited.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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The executive will initially focus on casualty fac business incoming as the result of the Markel renewal rights deal.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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The low degree of overlap between the combining portfolios benefits both parties.
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The mortgage insurer said Inigo will continue to operate as a standalone business.
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The Inigo CEO said the lack of portfolio crossover was highly attractive to Inigo.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The business said it was experiencing strong momentum on the Island.
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The practice group will enhance the company’s existing offerings in E&S.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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The carrier’s US and Europe claims teams will report to Dominic Clayden.
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The platform aims to “bend the loss curve”.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Bill Bouvier has spent more than three years at the legacy firm in this role.
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Sources said that the carrier has held preliminary talks with private debt investors.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The fundraising focus comes after it was acquired by The Baldwin Group in Q1.
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Litigation funders are promoting “aggressive” tactics in the UK, Holland and Israel.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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Reinsurers and their cedants are feeling their books are in better shape, although the market is still uneven.
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A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
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Rafael Diaz, Tiara Elward and Felipe Murcia will join BMS’s LatAm and Caribbean unit.
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Rates will remain elevated in a period of structurally higher risk premia.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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P&C stocks recovered faster than the S&P 500 following a late July dip, but a gap remains.
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The executive most recently served as head of North American treaty reinsurance.
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The executive said claims can be a differentiator in a softening market.
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CEO Tom Wakefield said property cat supply is “materially outpacing demand”.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
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Henrietta Butcher leaves Tysers after decades with the broker.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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James River said the court was right to dismiss the fraud case.
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Sources said the team is led by Martin Soto Quintus and is mostly based in Chile.
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Analysis of market conditions, reserves show that this might not lead to an overnight consolidation boom.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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After spending 20 years at Aon, Goodman will start a senior executive position with Guy Carpenter.
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Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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Last year marked the second consecutive year in which carriers made a positive return.
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season.
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The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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This publication revealed yesterday that the two were in detailed takeover talks.
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This publication revealed yesterday that Sompo is currently in negotiations with Aspen.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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The deal was announced last month.
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The company said the judge overlooked key issues in dismissing its fraud case.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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The CEO said the carrier will prioritise margin over top-line growth.
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Profitability improves, even as growth stagnates.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The carrier is the first Fortune 500 company to take a stake in a League Two club.
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It is targeting low-risk specialty lines where it has a competitive edge.
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The carrier reported an increase of 82% in pre-tax income.
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The forecast has increased since the early July update due to several additional factors.
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California wildfires account for $40bn of the insured loss tally in H1.
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The S&P 500 outperforms as P&C tumbles on mixed earnings.
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The company was right to drop its reinsurance unit and refocus on its specialty roots.
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The carrier also benefitted from favourable reserve development in property and A&H.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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The executive joined Navigators in 2010 after eight years at White Mountains Capital.
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Lion's share of Markel Re staff have been offered roles at Ryan, with others to work on run-off.
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The Miami-based executive assumes the role left vacant by April McLaughlin.
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Q2 saw a steady stream of activity in legacy, but volumes dipped slightly from Q1.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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Nationwide will delegate management of the policies to Ryan Specialty.
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The CEO said business remains adequately priced in most classes.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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The carrier said market dynamics were shifting due to increased capacity.
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This brings the carrier’s total limit on the program to $1.8bn.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The executive left Lockton Re in June after almost six years.
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The broker’s EPS beat consensus at $3.49 for the quarter.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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Jill Beggs was most recently COO for reinsurance.
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The research team presents the June cat heatmap.
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Laure Forgeron has worked at the Swiss carrier since 2009 in numerous senior positions.
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John Neal was due to start at Aon as global reinsurance CEO in September.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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The appointments will be effective as of August 1.
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Volante joins capacity providers Allianz and Tokio Marine Kiln.
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