Swiss Re

Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.

Commercial lines will remain bifurcated, with strong growth in property and weak growth in liability.

The US tallies $97bn in economic losses from major perils each year.

Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.

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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