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It is understood around $1bn of premiums could be ceded to the proposed vehicle. -
The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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Equivalent to a Category 5 hurricane, Ragasa is the world's strongest storm this year.
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The major storm is set to move on to mainland China later in the week.
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The economic loss from the event was around EUR7.6bn.
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The measures also seek to encourage greater wildfire mitigation efforts.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The volume of property cat aggregates placed grew 50% in 2025.
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Syndicate 1440 was approved to assume business incepting January 2026.
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The data modeling firm said losses previously averaged $132bn annually.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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The group claims the White House is undermining disaster preparedness.
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The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.
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The company plans to launch in New York and New Jersey next year.
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American Integrity grew GWP by 30% to $287mn and Slide GWP was up 25% to $435mn in Q2.
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The estimate covers property and vehicle claims.
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Both organisations still predict an above-average hurricane season.
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Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.
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California wildfires account for $40bn of the insured loss tally in H1.
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The company also purchased $15mn of SCS parametric coverage.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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Scor's CEO said the P&C market had experienced a “competitive” first half.
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Nationwide will delegate management of the policies to Ryan Specialty.
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The broker has noted that double-digit reductions are increasingly available in property.
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Millions are evacuating after one of the strongest earthquakes in modern history.
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This brings the carrier’s total limit on the program to $1.8bn.
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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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Insured losses produced the second highest first-half tally since records began in 1980.
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The figure updates an April estimate of EUR696mn.
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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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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The US accounted for 92% of all global insured losses for the period.
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US events accounted for more than 90% of global insured losses.
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State legislation has led to major strides in rate adequacy.
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Category 4 and 5 storms could become more common and hit further north.
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In the US, the index fell 6.7% year on year.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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The Australian carrier’s nat cat losses are A$200mn lower than its annual allowance.
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Ex-Tropical Cyclone Alfred has been the costliest event, with A$1.36bn in losses.
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Richardson has been with the firm since 2015 and was most recently vice chair and chair of international.
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The measure could have landed insurers with extra tax on US business.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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The loss has decreased by 0.3% since the company’s third assessment.
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HCI secured three towers with $3.5bn in XoL coverage.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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Almost 50,000 people have been forced to evacuate.
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TSR previously predicted activity slightly below the 1995-2024 average.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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Tornadoes have killed at least 32 people in three states.
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Berkshire Hathaway lost market share but remained the largest traditional reinsurer, our study shows.
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The revision is significantly lower than the $4.5bn October estimate.
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The headcount at the start-up now stands at around 40.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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California homeowners are also expected to move admitted business to E&S.
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AIG, HDI Global and others have settled, while Chubb’s fight continues.
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There’s not much supply in that marketplace, Papadopoulo said.
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The casualty ILS business now has $175mn in capital.
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The bond initially sought $425mn across three tranches.
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Six weeks after the storm, Perils released its first industry-loss estimate at EUR619mn.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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The program will provide excess casualty coverage across a broad range of industries.
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The Floridian company applied to be traded on the NYSE.
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The announcement spurred a quick spike in stock market valuations.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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Torrey Pines Re is split among three tranches of notes.
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The cat bond will initially cover named storms in Florida and South Carolina.
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Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.
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Trouvaille II raised $580mn for 2025, compared to $325mn in 2024.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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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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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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The pricing is at the top end of the initial guidance range of 550-600bps.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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Earlier today, Aon confirmed president Eric Andersen had stepped down from his role.
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The executive will remain with the firm as a senior adviser to the CEO until mid-2026.
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The business offers parametric windstorm coverage.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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Both carriers have extensive reinsurance coverage.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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Almost 300,000 people have been left without power from the storm.
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This loss number covers the property line of business.
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The London D&F market will shoulder most of the losses.
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Eric Paire was head of capital advisory at Aon for nearly seven years.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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Climate change and other loss impacts were not adequately incorporated, sources said.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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The carrier increased premium by 7% at the January renewals.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Several Florida start-ups are poised to begin writing business this year.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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The carrier said 72% of those losses occurred in personal property.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurance Insider ILS revealed last week that the executive was leaving Property Claims Services.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The Class B segment of the bond has priced below initial guidance.
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More than 33,000 claims had been filed as of 5 February.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The role at PCS included acting as primary touchpoint for ILS.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The changes follow a strategic review of the Pool Re scheme in 2022.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The storm is likely to be one of the costliest weather events in Canadian history.
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The bond will provide coverage for named storms in North Carolina.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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But cat bonds are experiencing negative secondary market price movement.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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Theokli joined the company in 2021 as a senior underwriter.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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EGPI growth at the carrier’s Alternative Solutions unit jumped 29.6%.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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The company’s reinsurance business also has some exposure, the executive said.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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The figure does not include specie or auto losses.
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Secondary pricing on the carrier’s Topanga Re bond partly recovered following the guidance.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The company received over 10,100 home and auto claims as of January 27.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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The platform will match partner capital to provide capacity for reinsurance placements.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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He was appointed acting CEO earlier this month, after Andrade’s departure.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The former Credit Suisse ILS head Niklaus Hilti said working on life buyout hedges could rejuvenate the life ILS market.
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The vehicle has $2.55bn in capital committed by institutional investors.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The estimate has reduced slightly since the modeler’s last update in October.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
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Kusche and Rosenberg will co-lead the firm’s global ILS business.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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Amin Touahri spent five years in a variety of roles at Munich Re.
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The Palisades fire is estimated at $9bn-$12bn, while Eaton is $6bn-$8bn.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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Investigators are homing in on the likely causes of the incidents.
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The number of structures damaged may put the event on par with the fires of 2017 and 2018.
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Sources say 2025 could be as costly for wildfires as the $20bn-loss years of 2017-18.
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