Property

Demand for climate-related solutions is ‘trickling up’ from clients and insurers to the ILS market .

The carrier also signalled unfavourable reserve developments linked to asbestos and environmental exposures.

The carrier said the claims stemmed from Hurricane Ida and storms in Europe.

The carrier will continue to write the business from Bermuda and the US.

The addition follows the launch of a new high-risk strategy earlier this year.

‘We are not shrinking to greatness,’ said Allianz Global Corporate & Speciality CEO Joachim Müller.

Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

In a virtual Baden Baden conference, the reinsurer emphasised a push on addressing secondary perils after a high flood loss year.

In the newly created role, Bobby Heerasing will be based in Singapore and report to Monica Cramér Manhem, president of international reinsurance.

The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.

AM Best sees accumulating cyber risk in the US property market downgrading 18 US property carriers, considering Best’s Capital Adequacy Ratio.