Aon

While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.

Nine-month insured losses still exceeded $100bn due to California wildfires.

Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.

The executive has worked at Aon for almost two decades.

Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.

Nick Fallon is the latest in a string of retro-broker moves in the market.

The volume of property cat aggregates placed grew 50% in 2025.

A trend towards higher-risk ILW bonds helped keep yields in double-digits despite softer rates.

The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.

The broker has noted that double-digit reductions are increasingly available in property.

The bond will provide protection on an industry-loss basis, as reported by PCS.

Cat bond broking growth contributed to 6% organic growth in reinsurance.

The broker has nearly 20 years of experience in the reinsurance and retro markets.

Matthew Towsey has spent 14 years at Aon.

US events accounted for more than 90% of global insured losses.

The sidecars will provide capacity for reinsurers and large insurance carriers.

The awards celebration took place at the Hilton Bankside on 25 June.

The documents figure in a potential criminal case against a CCB employee.

The executive has 15 years of experience in meteorology and cat analytics.

Most of the losses are attributable to a supercell storm in Texas.

The carrier previously raised a Finca Re cat bond in 2022.

Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.

Sources believe the market will grow gradually over years after its initial cluster of dealmaking.

Commutations need to be optimal for the sponsor and the investor to avoid sponsors taking back chunky risks.

Insured losses were the second highest on record for the first quarter.

Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.

The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.

Rachel Barnes Binnie joins as portfolio manager.

The cat bond market surpassed $50bn by the end of Q1 2025.

The broker has promoted Oriol Gaspa Rebull to global head of analytics strategy.

Earlier today, Aon confirmed president Eric Andersen had stepped down from his role.

The executive will remain with the firm as a senior adviser to the CEO until mid-2026.

Eric Paire was head of capital advisory at Aon for nearly seven years.

Shreeve’s role will encompass the Aon Captive & Insurance Managers’ ILS business.

Total economic losses were $368bn, 14% above the 21st century average.

The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.

Total economic and insured losses are “virtually certain” to reach into the billions.

The move means Lloyd’s will have a new chairman and a new CEO in the same year.

The multi-day weather outbreak caused widespread damage from Texas to the Carolinas.

Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.

Magnani has served for more than 14 years in ILS broking roles.

Insured losses for 9M 2024 have hit $102bn, according to a report.

A client presentation from the broker put total insured losses at $25bn-$40bn, leaving the Citizens and the National Flood Insurance Programs clear of reinsurance impacts.

The “exceptionally large and powerful” Category 4 storm made landfall in Florida last month.

Richard Pennay will become CEO of Aon Securities.

Aon estimated losses for the Czech Republic at EUR775mn, Austria EUR555mn, Poland EUR285mn and Slovakia EUR33mn.

Better performance data and clarity around entry are key, report says.

Severe convective storms accounted for 60% of H1 global cat losses.

The expanded team aims to increase capability across global specialty lines and property specialty retrocession.

The US carrier abandoned the project due to high price expectations.

Yen Chu Choo has been appointed Asia Pacific capital advisory head.

Growth was driven by strong returns and new investors entering the market.

Portfolios of clients of varying size in the same region aggregate more risk.

White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit.

The peril can no longer be considered secondary, according to Gallagher Re.

Aon set up the facility in 2020.

The figure is well above the historical average of $39bn for this century.

Hurricane Beryl is expected to strengthen again after hitting the Yucatan Peninsula.

More than $1bn has entered the sidecar segment in 2024.

The broker said the mid-year reinsurance renewals benefitted from “more than ample” capacity.

Evercore is leading the capital raise process and Aon is assisting with the Lloyd’s application process.

He will report to Kelly Superczynski, Aon’s global head of capital advisory.

The index-based coverage will be for the benefit of Lloyd’s Syndicate 1910.

The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.

Juniper Re Bermuda received preliminary approval from the BMA last month.

The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January.

He was executive managing director in Aon’s wholesale treaty team.

Sponsors still secured terms that were favourable relative to traditional cover.

The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.

The client lacked options in the conventional insurance market.

Growth driven by 14% expansion in reinsurance solutions division.

The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.

The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.

The broker’s latest climate report tallied global insured cat losses at $118bn.

Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.

Broker-dealers' year-ahead forecasts have undershot total final issuance in three of the last five years.

While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.

The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.

All 50 US states and the District of Columbia are covered by the bond.

The Nature Coast Re offering is the first in a new series from SafePoint.

Asagao VI is fourth largest private cat bond deal this year.

A strong outlook for sidecar profits in 2023 is rebuilding investor confidence but one to three years of good performance will be needed to sustain it more fully.

Creditors already have authorisation to access Vesttoo’s data as part of their investigation.

Caccamese spent nearly six years at rival broker Guy Carpenter prior to joining Aon.

The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.

Mallen previously spent over 10 years at Chaucer, most recently as a US casualty reinsurance underwriter.

Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.

A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.

Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1.

The supply-demand dynamics are all pointing in ILS markets’ favour, so long as hurricane season goes quietly.

Outside the cat bond segment, Aon said it was observing rising sidecar interest, putting volumes at $7.1bn from $6.4bn the prior year.

The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.

The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.

Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.

The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.

The broker has also appointed Paul Shedden as head of advanced risk analytics for its Risk Capital business.

The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.

The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.

The scale of the coverage offered by the firm means buyers in the emerging line of business face a challenge to swap out their capacity.

The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.

The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.

At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.

The broker’s latest report finds stability but continued price discipline in most lines and regions.

The broker has published research identifying transformative trends in the insurance industry.

The broker said the risk from wildfire is also set to increase substantially.

Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.

After more than a decade at ILS platforms, Brooks has returned to a broking role.

The broker has spent around 15 years working for Aon’s reinsurance unit.

The new unit includes hires from Aon and BMS.

Aon expects depleted shareholder equity to be restored over time via higher retained earnings and the ‘pull-to-par’ effect of bonds approaching maturity.

Total economic losses came in well above average, driven by the earthquake in Turkey.

Cat bond pricing has fallen by about 12% since year-end but margins are still strong enough that the market could be set for meaningful growth, the broker forecast.

The broker found that the insured-loss figure for 2022 was nearly 60% higher than the annual average over the 21st century.

The broker said cedants will return for extra property cover after a tough 1.1.

The senior broker joined the firm in 2018 after a long career at Willis Re.

The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.

The broker said clients can move fast in a harder market but need time to review quotes.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.

Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.

The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.

The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.

Steve Bowen will work closely with the Gallagher Research Centre, which was launched just yesterday.

The broker said 2022 cat bond issuance was likely to match the record levels of 2021.

Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.

In its ILS annual report, the broker noted that demand for capacity now exceeded supply of capital.

The executive brings more than 15 years of industry experience, having worked for Neon and Validus Reinsurance.

The leadership restructure comes on the 25th anniversary of White Rock Group.

The parties will develop climate-conditioned wildfire event catalogs to support cat modelling.

While still too early to assess the damage fully, Aon believes the impact on property, infrastructure and agriculture will be significant.

Total issuance of $4.86bn was transacted in the primary market.

Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.

The first six months of the year also saw more billion-dollar loss events than average.

Last year’s inaugural Randolph Re issuance was sized at $50.7mn.

The property reinsurance market may be fast approaching a true ‘hard’ market, the broker said.

It is understood that he will work on large global client accounts and staff mentoring.

Storms from 16-23 June added to a “very active” quarter for the peril.

Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.

The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.

Global reinsurance capital grew by 3.8% last year, according to Aon’s analysis of 22 reinsurers.

The broker put ILS capital at $96bn by year end, $1bn lower than mid-2021 but ahead of its $94bn year-end 2020 estimate.

The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.

Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.

He will lead strategy and development for the team, which provides consulting and software.

The earthquake on Wednesday night caused power cuts for more than 2.2 million homes.

The broker’s appointment of Jim Fiore follows his decision last year to leave QBE after nearly 30 years at the carrier.

Total issuance during 2021 beat the previous annual peak of £11bn in 2020, according to an Aon note marking the cat bond sector’s 25th anniversary.

The former Swiss Re Capital Markets executive will report to ILS unit CEO Paul Schultz.

Aon’s Impact Forecast has suggested that only a limited portion of the loss will pass to reinsurers.

Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.

The broker said that weather-related losses had become more severe in the past decade because of climate change.

The Texas Windstorm Insurance Association (Twia) has recommend hiring Willis Re as broker and Aon to provide catastrophe modelling services, following a review of its arrangements which were previously with Guy Carpenter.

The broker is developing solutions to accurately quantify intangibles including IP

The broker forecast ‘continuing growth momentum’ in the ILS market.

GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period.

The high-profile ILS lead has departed Aon Securities to spend more time with his family.

Aon’s head of capital advisory noted that future investors could be “plugged in” to the Constellation structure set up for the initial JP Morgan deal.

The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets. 

New chiefs announced for Asia-Pac, Emea, Canada and the Caribbean.

UK CEO Nick Frankland moves to a chairman role of a new consultancy unit.

Joe Sergio Jackson will be responsible for key property accounts regionally and globally.

The broker estimated spreads fell by 15%-20% year on year to return to 2018 levels.

The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.

The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.

The companies disclosed that Aon will pay Willis the $1bn break fee.

The broker said ILS capital had reached $96bn at the end of Q1.

It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.

The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.

A spell of tornadoes, rain and hailstorms across the continent drove the loss activity.

The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.

Aon will have to wait until November at the earliest to argue the case in Federal Court for its $30bn merger with Willis Towers Watson.

The Commerce Commission has extended its review of the merger by another six weeks.

Austria and the Czech Republic are likely to record their most costly convective storms on record.

The CCCS has identified competition concerns around executive pay consulting services.

Frederick Streeton will join in September from Liberty Mutual Group, where he was head of underwriting strategy for the its global risk solutions business.

The Chicago-based executive has also worked for Credit Suisse.

Trading Risk reported last year that the Aon executive had resigned to join Lockton.

The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".

The model uses research and technology to provide insurers with a more in-depth view of risk when submitting risk filings in Florida.

The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.

Last year it secured just NZ$6.2bn of protection from major nat cat events, as premium spending went up by 11%.

The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.

The AJG CEO vowed to invest in Willis Re assets while stressing the quality and security of the team.

The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.

A high proportion of the more than $3.5bn economic losses caused by April severe weather will be insured, the broker said.

He is expected to join the firm’s property reinsurance broking team after his gardening leave ends.

The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.

European regulators are not expected to demand additional concessions of the deal partners.

The appointment marks a return for the exec, who worked for Benfield in the mid-2000s.

Interest in parametric coverages has increased among insurance buyers as a response to coverage gaps exposed by unanticipated losses and tightening traditional market capacity.

Average reinsurer return on equity (RoE) was just 4.8% over the past four years.

Sponsors want to know what the benefit will be to them, the broker said.

The move follows Willis’ explorations of sales of Willis Re and European units.

States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.

It is understood that the ~$300mn fac business will be packaged along with the treaty unit.

The move is part of a wider strategic effort by the broking goliath to quantify the value of intangible assets.

The market has reached the stage of price hardening at which clients will challenge brokers and carriers on continuing increases, according to Aon president Eric Andersen. 

Aon has said it expects the economic cost of physical damage and business interruption caused by the polar vortex-linked cold snap to “well exceed $10bn”, in an Impact Forecasting report released on Thursday.

Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report. 

The deal would add to $200mn of ongoing cat bond cover for the insurer.

Marcus Foley joins the Bermuda office, while Tim Radford will work in London.

The recruitment marks a return to Aon for the energy broker.

Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.

ARPC said the move improves the pool’s capital strength.

Last year cat losses were highly dispersed across a large number of events with no single loss above $10bn.

The merger may cause price increases or reduced service levels for major insurance buyers.

Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.

Annual issuance more than doubled to a record $11bn.

Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.

Jennifer Law will join the team and report to Japan reinsurance solutions CEO Rupert Moore.

Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say

The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.

The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.

With a low initial expected loss of 0.25%, the notes offer a substantial 11.6x multiple.

The new hire has nearly a decade of experience in Asia.

If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.

The cyber insurance sector is set to grow to $20bn by 2025, the broker said.

The transaction is a bearish signal for the post-Covid cat reinsurance market.

The move follows a series of launches of similar units in the UK and US.

The move comes days after Artex announced the hire of his brother Adrian.

Purchasing the analytics firm will help Willis meet growing demand for climate change services.

Over 10,000 structures have been destroyed in California alone, Aon said.

The new hire comes after a slew of senior appointments made by the start-up in recent months.

Q4 issuance will likely be robust owing to new investors and increased allocations, the CEO said.

Lee joins from guarantee firm Athene Holding, where she was an investor relations director.

The broker expects collateralised reinsurance to shrink as cat bond demand grows.

Aon’s former head of international catastrophe management will take up the position next September.

The company has upgraded its ImpactWorkbench tool to support Open Exposure Data.

Firms will not cover their cost of capital this year, though capital positions remain robust.

The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.

The appointment follows a number of senior departures from Aon’s reinsurance ranks.

Record heat, dry conditions and strong winds have helped wildfires spread, Aon said.

ILS outperformed major financial benchmarks in terms of returns, Aon said.

Around $5bn may be locked as a result of the pandemic, Aon Securities CEO Paul Schultz estimated.

Uncertainty remains over energy sector and Covid-19 impact on loss adjusting and rebuilding.

Both companies secure more than 95% shareholder support for the transaction.

The companies claim “overwhelming” investor support at meetings today.

Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.

The broker has recruited a significant team to build out in the retro space.

Tornadoes, hail and strong winds hit the eastern half of the US last week.

Despite being Category 1 at landfall, Isaias caused storm surges from South Carolina to New York.

Former Axa XL property treaty head Catherine Turner will co-lead the unit with Richard Evans.

Returns on the Aon ILS Index outpaced other major financial indices in the second quarter.

Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.

Hailstorms across the Midwestern US will likely add to substantial losses this year.

The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.

Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.

Several US states were hit by tornadoes, heavy rainfall and large hail in July.

Joe Jackson becomes the latest in a line of retro or reinsurance brokers to transfer to the smaller intermediary.

Denbigh is the fifth senior Aon retro broker to leave the firm in recent weeks.

Jeremy Lee had been at Aon and Benfield for over 22 years.

The broker has worked for the firm and predecessor component Benfield for 17 years.

The former Aon head of London market retro is expected to join the challenger broker at the end of the year.

After Bertha’s landfall, the firm also noted that 2020 has joined 2010 and 2016 as an early year for named storm activity.

Aon group CEO Greg Case said the new mindset would apply to other challenges including climate change and cyber.

Mallon and Foxall will join a 120-person international reinsurance team later this year.

Renewals could help cat bond spreads return to pre-Covid levels, the broker added.

The company will also cut the salaries of about 70 percent of its workforce by 20 percent in a bid to save jobs.

Windstorms and heavy rain earlier this month were already likely to cause over $1bn in estimated insured losses.

The Aon Reinsurance Aggregate (ARA) stock index fell by 46 percent in the five weeks to 23 March due to Covid-19.

There were at least 121 confirmed tornado touchdowns from Texas to Maryland from 10-14 April.

Aon's estimate shows that bulk sums offered rose from the $250mn previously reported.

Aon president Eric Andersen and Willis Towers Watson human capital and benefits chief Julie Gebauer will lead the integration if the deal completes.

But the merger will still create opportunities for rival brokers to claim market share.

Having a $20bn-revenue organisation would create the ability to invest more heavily in new solutions, including tech.

The combined company will retain the Aon name, with Willis CEO John Haley taking the chairman role.

Four regional cross-business CEO positions will be created.

Dominic Christian takes over from former MS Amlin CEO Simon Beale.

The former Aon retro broker was previously CEO of the UK arm at Fidelis.

Hagibis, Faxai and flooding in the Mississippi River basin were the costliest events.

Over the past decade, the cat bond market has produced an average annual return of 6.38 percent, and 7.48 percent for 2019, Aon has calculated.

Every New Year the (re)insurance industry looks back at how much natural disasters cost it in the last 12 months – but the 2019 statistics undercut the value of this exercise.

The broker said reinsurers were looking to address the earnings impact of higher retrocession costs, lower interest rates and greater reserving uncertainty.

Late November flooding in parts of southeastern France and northwestern Italy follows an active year for weather losses in Italy.

Nippon Steel is expecting to cede an 8bn yen property loss to the commercial (re)insurance market.

Aon Securities CEO Paul Schultz said the platform fitted in between collateralised reinsurance and syndicated cat bonds.

California has become the “loss leader” of the homeowners’ insurance market, according to a new Aon study.

Meanwhile, insured losses from Typhoon Faxai will approach $5bn, according to the September Global Catastrophe Recap.

Cedants are turning to the ILS market for solutions, says the broker’s Catherine Mulligan.

The industry has a chance to open the "black box" of risk modelling and gain more in-house control of risk.

The lift in ILW pricing seen at mid-year has been unilateral across most products and was a further increase on the 2018 pricing correction following 2017 events, according to Aon.

Aon’s plan to launch an auction platform in time for 1 January 2020 suggests a struggle is underway in the reinsurance space for the position of auction technology market leader.

Private insurance predicted to cover “lower than normal” share of claims due to bulk of damage coming from water impact.

The CEO was speaking as Aon launched a new auction platform in Monte Carlo.

The firm said it wanted to offer more choice to clients.

Aon Securities CEO Paul Schultz has predicted that growth will return to the ILS market in the second half of the year after it dropped by $5bn year on year to 30 June.

The executive left Aeolus last year having been with the fund manager since 2009.

The brouhaha over trapped ILS capital has led to the question of whether alternative collateral management solutions will emerge.

Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.

Gero Michel will report to head of capital advisory Eric Paire.

Improvements to models and peril exclusions are expected to encourage growth once losses have been settled, the ratings agency said.

The executive will support UK CEO Nick Frankland in developing business and client strategies.

The broker puts insured losses from Barry at $300mn, with a total economic loss of $600mn.

Economic losses and number of disaster events also below trend according to the broker.

Persistent US thunderstorms also prompt another month of billion-dollar-plus economic damage.

Research by the broker shows the ILS industry contracted by $4bn in the first quarter to $93bn, with $15bn of capital still trapped.

A derecho event from 21-22 June travelled more than 1,000 miles across the country.