Swiss Re

The downgrade was driven by a change in the Swiss Insurance Supervision Act, which came into effect 1 January and is unrelated to the rating fundamentals of Swiss Re, according to the agency.

Darly Polenz will be working with Russ McGuire, head of origination, with a focus on accelerating BMS Re’s growth strategy with balance sheet businesses.

Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.

Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.

Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.

Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.

Rising counterparty risk from economic slowdown will support prices and growth.

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The decision to align across business units had removed the need for the regional presidents' roles, the company said.

Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.

AM Best said market hardening was likely to continue through 2024, given global market conditions.

A total of 10 events caused more than $1bn in losses each.