Hannover Re retro reduction could boost earned premiums by €150mn at 1.1: KBWHannover Re has confirmed it is looking to reduce its retro spend at 1 January 2025, in a move which could lead to around €150mn of additional earned premium.
CoreLogic estimates $17bn-$28bn Milton insured wind and flood lossesCoreLogic has released initial residential and commercial wind and flood loss estimates for Hurricane Milton, with the property analytics and data provider expecting an industry-wide insured loss of between $17bn and $28bn.
Moody’s RMS issues “best estimate” of $26bn insured losses from MiltonPrivate market insured losses from Hurricane Milton are expected to be between $22bn and $36bn, Moody’s RMS Event Response has said, with a “best estimate” of $26bn.
Howden urges insurers to drive “step change” in nature and biodiversity protectionGlobal food systems and the carbon markets present the most lucrative opportunities for the insurance sector to drive a “step change” in private capital flows for nature, a new report by Howden has said.
Beat launches Dupre-led Fallow Grove for US E&S marketAmbac Financial-owned Beat Capital Partners has launched US-based managing general agent Fallow Grove Insurance Services with Brett Dupre as president and CEO.
Assurant estimates $138mn Q3 cat lossesAtlanta, Georgia-based Assurant expects to record $138mn in pre-tax losses, or $109mn after-tax, from reportable catastrophes for the third quarter of 2024, primarily affecting its global housing segment.
Lilypad closes acquisition of Florida carrier Centauri from Applied UWLilypad Insurance Holdings has finalised its acquisition of Sarasota, Florida-based Centauri Specialty Insurance Company and Centauri National Insurance Company from Applied Underwriters, expanding its presence in the coastal property insurance market.
Ambac shareholders approve legacy unit sale to OaktreeAmbac Financial Group shareholders have approved the proposed sale of its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac Assurance UK Limited, to funds managed by Oaktree Capital Management.
US insurtech Herald closes $12mn Series A funding roundBoston, Massachusetts-based Herald, a digital infrastructure provider for commercial insurance, has closed a $12mn Series A funding round co-led by Lightspeed Venture Partners and Brewer Lane Ventures.
Inszone acquires California agencies Albert C Simonds and MG InsuranceInszone Insurance Services has acquired California-based Albert C Simonds & Co Insurance Services, further strengthening its presence in its home state.
Sands Point Risk adds Ambac’s DeMuth as M&A SVPAvesi Partners-backed MGA platform Sands Point Risk has appointed Chris DeMuth as senior vice president of M&A.
Travelers expects $75mn-$175mn net Milton loss, takes $242mn Q3 asbestos chargeTravelers’ share price was up over 7 percent on Thursday morning following a Q3 results beat, while management said Helene accounted for more than half of the quarter’s $939mn catastrophe losses, revealed a preliminary range of $75mn to $175mn for Milton and noted sequential improvement in business insurance renewal rate change.
Doyle reiterates Marsh McLennan organic growth and margin expansion outlook after Q3 beatMarsh McLennan president and CEO John Doyle has said that the firm remains on track for mid-single-digit or better underlying revenue growth and another year of margin expansion, as well as strong growth in adjusted earnings per share for 2024 after third quarter earnings just beat Wall Street forecasts.
GC says Milton to flatten 1.1 cat treaty pricing as Marsh insurance index drops 1%Guy Carpenter CEO Dean Klisura said Hurricane Milton is expected to lead a flattening of pricing for property cat reinsurance at 1 January, while sister company Marsh said its Global Insurance Market Index entered negative territory in the third quarter with a 1 percent reduction.
Axa XL Re recruits Swiss Re’s Schiffer as CEO of North America, ReinsuranceAxa XL Re has brought in Swiss Re veteran Greg Schiffer as CEO of North America, Reinsurance, The Insurer can reveal.
Doyle: McGriff acquisition expected to be “modestly accretive” in first yearMarsh McLennan president and CEO John Doyle has said the $7.75bn acquisition of McGriff Insurance Services is expected to be “modestly accretive” to adjusted earnings per share excluding amortisation in year one, and more meaningfully so after that.
LM Re adds Vantage’s Sweeney as specialty casualty underwriting managerLiberty Mutual Reinsurance has appointed former Vantage Risk vice president Cara Sweeney as specialty casualty underwriting manager.
B&W promotes Carvalho to lead San Francisco, Seattle and Portland officesBurns & Wilcox has promoted Tom Carvalho to the role of managing director for its San Francisco, Seattle and Portland offices.
Layr names Floodflash’s Hara as CEOSmall business-focused insurtech Layr has appointed former Floodflash executive Mark Hara as CEO.
Allstate reveals $630mn Helene hit among $1.7bn Q3 cat lossesPersonal lines giant Allstate has estimated catastrophe losses for the month of September of $889mn, including $630mn related to Hurricane Helene.