Swiss Re
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The veteran investment banker will join the board in April and become chairman when Walter Kielholz retires next year. -
Analyst Philip Kett says he’s “more constructive” on the Corporate Solutions outlook.
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Swiss Re became the latest to disclose significant losses in its US insurance unit, citing higher-than-expected severity trends and a challenging tort environment.
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The troubled commercial specialty unit reports strong renewals price growth but a $647mn full-year loss.
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The executive joins from AGCS where she led the North American financial lines team.
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The experienced legal and claims executive will underwrite and service a variety of accounts.
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The loss tally includes a $7bn estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
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Casualty has “a definite trend towards improving terms”, the head of casualty underwriting for the US and Canada said.
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Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
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The move follows an exodus of casualty underwriters from Swiss Re’s primary business over 2019.
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Capacity will be led by Swiss Re’s US operation, which underwrites 51 percent of the quota share agreement.
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AIG, Chubb, Markel, Swiss Re and Zurich are among the carriers which face potential losses from the tour operator's collapse.
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