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.
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Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
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The reinsurer has made a series of high-level reshuffles this month, including the appointment of Greg Schiffer as head of US national accounts.
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Swiss Re has appointed Greg Schiffer its managing director, head of US national accounts.
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Butera was previously head of P&C client markets US, in the company’s reinsurance division.
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The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.
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Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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The appointments will be effective July 1, subject to regulatory approvals.
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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The executive had previously served as the company’s vice president and senior treaty underwriter, based in Mexico.
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Cedants are grappling with rising rates while coverage narrows.
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Based in New York, the executive will continue to report to Katie McGrath, CEO North America, Swiss Re Corporate Solutions.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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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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Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.
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Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The transport sector has the largest investment gap, needing an estimated $114tn to build greener infrastructure.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The carrier said geopolitical factors had given “new urgency” to the green transition.
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Insured losses in 2021 alone hit $20bn.
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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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Inside P&C revealed in late May that Luna was succeeding Juan Manuel Merchan, who stepped down earlier this year to become CEO at Seguros Equinoccial.
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The carrier mapped out the future threat landscape for insurers as part of its annual Sonar report.
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Sources said Luna will succeed Juan Merchan, who last month stepped down after over a year in the position to become CEO at Ecuadoran carrier Seguros Equinoccial.
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Based in Boston, the executive will report to AGCS’ NA regional head of financial lines Joe Caruso.
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Burnett joins Swiss Re from Axa XL, where he worked for over five years as E&S property head.
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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 first-of-its-kind deal blends bank financing with ILS funding.
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David Presley joins Compre while the legacy carrier is targeting expansion in the US.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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Katie McGrath replaces Ivan Gonzalez who has been appointed CEO reinsurance China and China country president.
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Basil Louvrais and Avni Scerbo will set up the North America trade finance team.
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The Hartford’s customers will have access to Swiss Re’s globally standardised property wordings and online platform.
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The Buenos Aires, Argentina-based InsurTech will use the fresh funds to finance growth initiatives across the continent.
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The transaction will expand the carrier’s reach in the US A&H market.
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The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
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Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
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The reinsurer and the tech firm will collaborate on driverless vehicle products.
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Flood coverage is one area where the insurance industry can close protection gaps, but carriers and agents need to increase their efforts to educate clients about this peril, Swiss Re’s US P&C president told this publication.
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The insurance marketplace aims to bridge the gap between insurance and capital markets.
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The deal brings an end to Prudential’s participation in non-core legacy property and casual business.
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The carrier also estimated its European flooding burden will be $520mn.
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An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.