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.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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Strong growth in fee income builds on the favourable rating environment.
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The reinsurer took $743mn of nat-cat losses in the quarter.
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Nat cat pricing is expected to be more or less flat, with rises on loss-affected programmes.
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Reserve risk specialist Enstar has struck its first deals in the ILS space this year.
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Risk remote strategies, including private ILS, have outperformed higher risk strategies over the last decade.
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Praedicat CEO Bob Reville outlined the firm’s approach to "casualty cat" as liability risk modeling continues to mature.
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The facility will provide reinsurance coverage over three underwriting years.
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The carrier said European cat business needs further price improvement.
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The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.
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The transaction complements its previous acquisition of RMS in 2021.
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Growth was driven by strong returns and new investors entering the market.
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Winning higher-fee private ILS mandates will strengthen firms’ negotiating positions.
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Sidecar vehicles are being tailored to match investors’ objectives.
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The executive explored ILS options as MD of hedge fund Horton Point post financial crisis.
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The moves mark a major step in realising “trillion dollar” casualty ILS potential, according to Ledger Investing CEO Samir Shah.
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ILS investors’ stress over Gibson Re is unlikely to inhibit legacy ILS’s future.
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The firm also posted a 56% increase in fee income.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The executive joined in January after a decade at Liberty Mutual.
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The broker said it did not anticipate a slew of new entrants, with the possible exception of casualty start-ups.
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Amy Stern started her career as vice president of group reinsurance at Zurich Re.
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The former Ledger director was joined by fellow ex-Ledger employees to “hit the ground running”.
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The firm said it was poised to build on ‘significant growth’ in 2023.
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The firm reallocated from short-tail lines amid social inflation concerns.
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The ILS allocator has invested in the asset class over 17 years.
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The hire has 20 years’ experience in asset management and corporate finance.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Fish Bond Re will provide coverage for any named storm in Texas on an indemnity, per-occurrence basis.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
