Property insurance rates in Europe are stabilising, but climate risks still pose challenges for corporates and insurers, according to discussions at the Ferma Forum 2024.

Arthur J Gallagher’s wholesale unit Risk Placement Services (RPS) has appointed Markel’s Kevin Oh as its national property president, taking over a role that had been held by Wes Robinson.

Hamilton Global Specialty, an underwriting platform of Bermudian (re)insurer Hamilton Insurance Group, has entered US property insurance at Hamilton Americas with the appointment of Lissie Van Leunen as head of US property.

The London property insurance market remains disciplined with no sign of underwriting recklessness in the run up to renewal despite surging competition and continued confidence in trading conditions, according to Lancashire’s Alex Maloney.

Platinum Specialty Underwriters is in the process of onboarding a property team and is also looking at other new business lines to add programs as well as a pipeline of M&A as it diversifies its portfolio after taking gross written premiums to $350mn,

Ambac Financial-owned Beat Capital Partners has launched US-based managing general agent Fallow Grove Insurance Services with Brett Dupre as president and CEO.

Moody’s RMS on Wednesday sent to clients a pre-landfall stochastic events STEP tool output for Hurricane Milton that includes a $25.3bn mean loss from wind-only damage,

Hurricane Helene has strengthened to Cat 4 ahead of a Big Bend, Florida landfall bringing devastating winds and deadly storm surge of up to 20 feet as well as uncertainty over likely insured losses because of its potential to cause significant damage far inland through Georgia and neighbouring states.

The UK’s lengthy high-inflation environment has driven 46 percent of commercial properties to be underinsured, according to Gallagher Specialty.

The major shift towards softening property market conditions will only be reversed by the return of “fear in the room” from an event which has a major financial impact or changes the perception of risk, although a series of smaller events could slow the pace, according to a panel of brokers and insurers.

US property insurance rate change entered negative territory for the first time in 27 quarters in Q2 2024 while policyholders going forward can expect reductions of up to 10 percent for desirable accounts and occupancies including on some natural catastrophe-exposed programs, according to Aon.

AIG’s North America retail distribution head and its former head of North America retail property Duncan Ellis is leaving his role with the carrier and is expected to reunite with his colleagues at Marsh to work within its real estate and hospitality vertical,

Despite prices flatting more quickly than expected in E&S property this year, rates are still better than they’ve been for the past five years, presenting an attractive environment to continue disciplined growth, according to Swiss Re Corporate Solutions’ Kyle Burnett.

WTW has appointed Gavin Hamilton as a director within its international property team.

Redline Underwriting has secured capacity from a panel of Lloyd’s syndicates to write a book of property facultative reinsurance business in Latin America and the Caribbean.