Chubb

AIG, HDI Global and others have settled, while Chubb’s fight continues.

The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.

The company’s stock price has plummeted in the wake of the LA wildfires.

The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.

The insurer also pushed up its retention by $650mn.

The carrier has also extended the redemption period by three years, to 31 March 2029.

Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.

Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.

The carrier was originally in the market for extra capacity at January 1 before pulling plans.

The CEO said Chubb has ‘never seen better pricing’ on primary property.

O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.

Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.

New demand for reinsurance cover that was expected to come to the market around the January renewals is being reined in as insurers recognise the extent of the hardening market.

Analysts said attachment points are now far behind the rate of inflation over the period.

The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.

Ledger is on a hiring spree after a $75mn Series B round.

The investor will manage a portion of the Bermudian’s assets.

The carrier has extended the limit to $1.275bn for the year to 31 March 2023.

Reserve releases more than doubled compared with Q3 2020.

The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.

Covid-19 losses remained stable as the insurer said rate rises should endure.

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.

The (re)insurance services company recently hired a COO for its ILS operations.

The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.