Commercial Lines

The bond covers named storm, severe thunderstorm and winter storm in the Commonwealth of Massachusetts.

Previously, Shaw was lead underwriter at MS Reinsurance and lead underwriter at MS Amlin’s Bermuda office.

Chuck Scherer will report to Jonathan Reiss, chairman of SRS Bermuda.

The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.

The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".

Howden Tiger worked on the structure of the deal with the unnamed syndicate.

Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.

The bills place additional requirements on insurers in the state and expand consumer protections.

Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.

Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.

This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.

Christoph Oehy will replace Luzi Hitz in November 2023.