AIG
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AIG, HDI Global and others have settled, while Chubb’s fight continues. -
The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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The carrier has used Lloyd’s London Bridge 2 structure for the launch.
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This publication revealed that Chris Schaper would move into the role on an interim basis in July.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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Its property cat aggregate cover renewed with improved coverage.
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The carrier reported an additional A$70mn reinsurance reinstatement because of higher claims.
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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal includes AIG's AlphaCat platform.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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Peter Zaffino said AIG expected to able to source similar levels of reinsurance capacity as currently given its relationships with counterparties.
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The firm pointed to likely material increases in reinsurance rates for peak zone business in some cases.
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The executive will rejoin as EVP, reinsurance purchasing and risk capital optimization.
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The firm ‘felt very good about consolidating programmes’, at 1 January.
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Third-party assets under management were up $100mn in Q1 at $3.6bn.
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The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
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