Hurricane Milton’s rapid intensification on Monday to a Category 5 storm with Tampa Bay in its sights was met with a predictable sell-off of Florida carrier stocks as well as talk of a sudden shift in dynamics in the property cat reinsurance market ahead of 2025 renewals.
APCIA
US regional insurers including mutuals hit by severe convection storm (SCS) losses are facing a more stable property renewal amid signs of some returning appetite from reinsurers, including with the renewal of Guy Carpenter’s RAP facility,
(Re)insurers have been sounding the alarm about escalating losses from strikes, riots and civil commotion (SRCC), and the US presidential election could provide another source of tension.
Some Bermudian and other reinsurers that have grown in US casualty in recent years to take up the slack left by the pullback of continental reinsurers appear to be signalling reduced appetite for the business ahead of 1.1.
It was less than two weeks ago as Hurricane Helene was making its path towards a US landfall that industry executives on a panel discussion hosted by cat MGA AmRisc were asked what kind of loss event could alter the trajectory of the E&S property market.
The reinsurance market is seeing the benefits of the higher attachment points pushed through in recent years, according to speakers on a reinsurance panel at the APCIA Annual Meeting.
Axa XL Reinsurance is looking to increase the amount of North American business it writes both through growing its existing book as well as adding new lines of business, with CEO Renaud Guidée having recently moved to New York to spearhead the expansion.
Concert Group’s newly launched reinsurance sidecar Harmony Re will be positioned to secure additional capital support from third parties, although the fronting carrier itself has put the initial funding into the platform to get it off the ground.
Reinsurers are approaching the 1 January renewals with a clear push for stability and a desire to defend their profitability as the market continues to navigate a variety of headwinds, Axis Re's Ann Haugh has told
Aspen executive chairman and CEO Mark Cloutier has revealed his “preferred solution” for the future ownership of the group, with his priority being to keep the business together through any capital event.
Despite initial concerns the Francis Scott Key Bridge collapse in Baltimore would result in a record-breaking loss for marine (re)insurers, market sources have said underwriters now expect the liability portion will range from $1.5bn to $2bn.
Casualty is dominating discussions among senior executives amid continued uncertainty over reserve adequacy and pricing levels, and while the issues are most apparent in the US, there are growing concerns about the international market too even if it remains broadly profitable.
Guy Carpenter’s Kieran Bhatia, Katy Reyner and Kimberly Roberts on how the industry can adapt to the risks posed by a changing climate.
Dan Hartung, head of US peril expertise, and Adam Dawson, US SCS client delivery leader, discuss the launch of Aon’s advanced cat model for US SCS risk.
David Unsworth, managing director at Howden Re, takes the pulse of the Florida market following the enactment of reforms aimed at curbing legal system abuse.
