Swiss Re
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The US tallies $97bn in economic losses from major perils each year.
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Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.
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The downgrade was driven by a change in the Swiss Insurance Supervision Act, which came into effect 1 January and is unrelated to the rating fundamentals of Swiss Re, according to the agency.
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Darly Polenz will be working with Russ McGuire, head of origination, with a focus on accelerating BMS Re’s growth strategy with balance sheet businesses.
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Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.
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Rising counterparty risk from economic slowdown will support prices and growth.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The decision to align across business units had removed the need for the regional presidents' roles, the company said.
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Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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A total of 10 events caused more than $1bn in losses each.
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The industry’s ROE is expected to reach 8% in 2023 and 9.5% in 2024, up from 2.5% in 2022.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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The report outlined 17 recurring and emerging risks (re)insurers should be aware of.
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Inside P&C’s news team runs you through the key highlights of the week.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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He will join the North America regional management team, in addition to continuing to serve as a member of the company’s Canada management team.
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Katie McGrath said the insurer continues to be deliberate in decision-making amid market opportunity.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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The Swiss reinsurer follows Munich Re, Hannover Re and Zurich in withdrawing from the alliance.
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Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.