BMS

Restrengthening to Category 5 is still possible, Siffert warns.

Insured losses could be less than $1bn if current NHC forecasts are accurate.

He is succeeded by interim co-CEOs Andrew Wheeler and Russ McGuire.

Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.

The state of Texas in particular has experienced an unusual amount of severe weather.

The new unit includes hires from Aon and BMS.

High tornado activity at the end of the quarter is expected to add to the claims toll.

Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.

In the more extreme of two scenarios, Ian could mimic 1921’s Tarpon Springs hurricane at a cost in the double-digit billions, BMS said.

The storm is currently moving over the Dominican Republic and headed for Bermuda.

The expansive broker has also hired Mario Binetti from Everest Re as head of casualty treaty and actuarial.

BMS’s Andrew Siffert said losses from US winter-related storms and thunderstorms are likely to arrive at a below-average figure for Q1.

Chris Harding and James Ferris have been appointed as directors of capital and risk advisory, effective April 2022.

The target firm deals in engineering, energy, P&C and specie.

A reinsurance panel at Reconnect also called for reform of risk models

The tropical Atlantic has not seen a single named storm from July 10 to August 9 for the third time since 1955, but experts warn that this does not mean hurricane season is slowing.

The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.

The broker must ensure it is “leaving no stone unturned” in its search for capital, according to president and CEO of North America Pete Chandler.

BMS Re seeks to consolidate its presence in key areas such as Florida, Los Angeles, North Carolina and the greater Boston area.

It said the current threat posed by Tropical Storm Elsa was an example of storms being more likely to hit America’s Eastern Seaboard this season.

A series of devastating hailstorms has struck Texas and Oklahoma in what BMS meteorologist Andrew Siffert has described as a “billion-dollar hail loss event” for insurers.

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.

David Cameron’s appointment to the Minnesota-based role follows property hires for Philadelphia and Chicago.

The move is part of a wider expansion in BMS’s reinsurance broking capabilities.