Casualty/GL
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Mory Katz joined the broker earlier this year. -
It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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The broker has noted that double-digit reductions are increasingly available in property.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The carrier reported preliminary profits of EUR2.1bn, driven by “very low” major-loss expenditure in P&C re.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The casualty ILS business now has $175mn in capital.
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The program will provide excess casualty coverage across a broad range of industries.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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The reinsurance broker said total reinsurance market capacity was up 5.3% year over year.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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The carrier increased premium by 7% at the January renewals.
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More than 33,000 claims had been filed as of 5 February.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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Amin Touahri spent five years in a variety of roles at Munich Re.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
