Guy Carpenter

A US landfall is not expected, but the storm could hit the Bahamas by Friday.

EMEA CEO Laurent Rousseau said reinsurance must retain its relevance to investors.

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

The trend for private credit in alternative asset management is “set to continue”.

Matthew Flynn joins from RenaissanceRe.

In the US, the index fell 6.7% year on year.

A group of Bermuda staff also left the broker.

The Bermuda-based team is led by John Fletcher. 

The headcount at the start-up now stands at around 40.

The catastrophe bond comes after the issuance of a Mayflower Re bond last year.

His leadership roles included overseeing the firm’s capital solutions group.

The terrorism pool has shifted its programme from facultative to an XoL arrangement.

Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.

The broker estimated ILS capital has reached $107bn.

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

The panelists discussed the ILS reset and the path to maintaining discipline in this sector.

Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.

Demand for peak peril retro increased significantly in Q2 2024.

The broker said it expects strong ILS capital inflows to continue.

Sources said Guy Carpenter has promoted Jennifer Paretchan to succeed Mowery.

The broker said less than 1% of companies globally with cyber insurance were impacted.

The rise is equal to 5%-10% of catastrophe capacity purchased, including cat bonds, depending on region.

Two-thirds of Guy Carpenter’s clients bought more coverage in H1.

The flattish outcome comes after a larger year-on-year hike in January.

Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier.

Revenue, country and industry sector drive modelled output divergence.

The executive joins the company as it looks to bolster its reinsurance capabilities.

European rates on line increased by 7.60%, while in the US prices were up 5.25%.

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

GC Securities is the sole structuring agent and sole bookrunner on the deal.

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.

Lloyd’s CFO Burkhard Keese, speaking at Guy Carpenter’s Baden-Baden Symposium, said there are $500mn-$1bn of London Bridge deals in the pipeline.

Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.

The broker studied the impact of 14 major cyber events in its attempt to dispel ILS manager fears of a ‘double whammy’ cyber event that would also impact financial markets.

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

Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.

The reinsurance broker said the losses will fall on the higher end of industry loss ranges.

Total reinsurance capital will climb to $560bn, ahead of last year but behind the 2021 peak of $570bn.

Greg McBride joins the firm after nearly 18 months at Mt Logan Re.

Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.

Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.

A Guy Carpenter report recently noted that risk models are converging for the most remote risk levels.

The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.

The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.

The executive will report to president and CEO Dean Klisura.

Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.

The cat bond market is thought likely to receive an outsized portion of any capital inflows.

The broker said this was not yet a settled market as work remained underway.

Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’. 

Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.

The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.

The rate-on-line index rise is the steepest uplift in 16 years.

Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.

After 26 years the firm’s chairman of UK and global specialties is stepping down.

Pool Re announced in November that Enoizi was departing after leading the state-backed reinsurer since 2013.

Property cat rate increases this January were double those of last year and the highest since 2014.

The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.

The former Willis Re vice president and head of European ILS joins as GC’s London ILS leader Des Potter is set to retire.

The broker expects ongoing single-digit growth within the ILS market.

The reinsurance broker will work in tandem with wider Marsh McLennan companies to provide an integrated service.

James Johns will join the firm from Willis after some years at Talbot, while Josh O’Donoghue was at Aon.

The California Insurance Working Group suggested the policy to cover areas with high wildfire risk.

Tropical storm activity is expected to be higher than normal in the Atlantic, Caribbean and West Pacific regions.

The broker predicts a “very active” cyclone season over east Asia but forecasts a slightly smaller number than usual will make landfall.

The ILS manager’s lead for global life origination departs after six and a half years.

SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.

The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.

Fallout from the 2019 JLT Re integration intensifies after a group including Brad Maltese were earlier reported to be set to join Howden.

The broker will lead London teams focusing on Europe, as well as the new European Broking Solutions team.

Private-public partnerships can provide first-step survival financing if not a full solution for all companies.

The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.

Trading data showed the market delivered on liquidity in the midst of the pandemic panic.

Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.

A weakening La Nina and warm sea temperatures in the tropics raise the specter of elevated catastrophes for the rest of the year.

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

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

Limited new inflows supported the collateralised and sidecar markets as cat bond offerings attracted significant capital.

The firm comes as part of a planned expansion in that segment of the reinsurance market.

The former Faraday CEO will work to develop new business and expand the solutions offered in the region.

The division brings together carriers and MGAs, while providing capital advisory, analysis and modelling support.

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

Magnani became vice president, based in London, in September.

Having fuelled up on retro to grow, some carriers may need to focus on managing net exposures.

The broker expects ILS funds will have a more difficult time raising capital next year.

The new arrival will be an executive committee member and report directly to president and CEO Peter Hearn.

The change is an early sign that MMC’s raids on Willis are bearing fruit.

Lara Mowery and John Crichton will also join the committee as global head of distribution and chief information officer, respectively

The broker also confirms the appointment of James Goodwin as head of power and mining.

Covid-19 claims could make the year the most expensive on record, the broker warns.

Lower deployable capacity and looming Covid risks added pressure, the firm said.

Willis Re’s managing director of UK reinsurance will have a similar role at Guy Carpenter, it is understood.

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

Isosceles Re will run alongside Cerulean Re, which was set up in 2017 to manage private ILS deals.

Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.

Recent disasters have tested the idea of catastrophe risk as a short-tail risk.

A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.