Property catastrophe

Lancashire hires Everest’s Curtin to spearhead US E&S property push

Lancashire has made one of the first major hires amid its plans to build out a US-based E&S platform, recruiting Everest’s former head of US property Chris Curtin to lead the new unit’s property operations, E&S Insurer can reveal.

NormanMax gets initial Lloyd’s approval to launch parametric Syndicate 3939

Brad Meier-led E&S start-up NormanMax Holdings has received preliminary approval from the Lloyd’s business opportunities committee to launch parametric-only Syndicate 3939 with Apollo Syndicate Management, as it works with GC Securities to raise capital, E&S Insurer can reveal.

Howden Tiger: Cedants see 10 pt hike in retained nat cat losses in 2023

Cedants have seen an average 10 percentage point increase in their share of nat cat losses in 2023, according to a report by Howden Tiger.

Gallagher Re’s Tsimaratos forecasts “disciplined softening” for ex-US property cat buyers

Cedants outside the US can expect to face what Gallagher Re’s Alkis Tsimaratos believes will be “a disciplined softening” in property catastrophe rates during renewals in 2024, owing to increased appetite and profitable results from reinsurers.

Hurricane Lee windfield expands as storm tracks towards New England and Atlantic Canada

Hurricane Lee is expected to bring tropical storm force winds to Bermuda as of early tomorrow, with the system on course for a New England or Atlantic Canada landfall in around four days’ time.

Hard but stable retro market expected at 1.1

Following significant dislocation in the property retro market over the last couple of years, a degree of stability has returned to pricing, albeit with overall available capacity at reduced levels and no sign of capital entering the sector at any scale that will meaningfully alter dynamics for buyers at the upcoming 1.1 renewal.

Building better models

Dan Dick, global head of property analytics for Aon’s Reinsurance Solutions, explains how the business applies insights and data to the property (re)insurance segment to help define each client’s view of risk.

IQUW hires former Sompo Americas cat re head Barroso as lead NA property underwriter

IQUW Group has hired Sompo International’s former catastrophe reinsurance Americas head Jose Barroso as its new lead underwriter for North American property.

Everest eyeing prop cat growth but retro appetite remains restrained

Everest sees opportunities to grow its global property catastrophe portfolio amid what reinsurance head Jim Williamson believes will still be a “very hard” market in 2024 as the factors that drove recent improvements remain, although the company’s appetite for retro business continues to be restrained.

Earnings perils: Redefining the risks that matter

Moody’s RMS’ Rob Stevenson asks whether it is time to drop the ‘secondary’ label for perils that are causing increasing losses for insurers.

Léger: Reinsurers can alleviate insurability challenge through data and accumulation control

Scor CEO Thierry Léger has called on the reinsurance industry to “accept the challenge of insurability” as the interconnected risk landscape exacerbates the protection gap across nat cat business, calling exclusions “a last resort”.

Aon’s Marcell: Stable 1.1 cat market expected amid increasing competition

Absent any major cat events between now and 1 January, Aon’s newly appointed CEO of Risk Capital Andy Marcell expects a significantly more orderly renewal as he suggested increased competition among reinsurers to deploy capacity could put downwards pressure on pricing for some buyers.

Hard markets are here to stay

Jill Beggs, head of North America reinsurance at Everest, explains how insurers are reacting to increased insured losses in North America and the company’s strategy for this key market.

Munich Re: Expect us to continue to love nat cat business

Munich Re has said it remains comfortable with its natural catastrophe exposures and that it will continue to offer capacity at upcoming renewals.

Time to broaden your catastrophe risk landscape thinking

Moody’s RMS’ Robert Muir-Wood highlights plausible catastrophe scenarios that are worthy of further analysis,

Calling in the SWAT team

When the catastrophe market was heading towards a capacity crunch last year, Howden Tiger innovated to find the capital its clients desperately needed. Jarad Madea explains how its specially formed cat SWAT team overcame the crisis.

Sompo International’s Donelan: Cat capacity will come out of market if buyers challenge clearance price

The upcoming 1 January renewal currently looks set to be relatively flat for cat reinsurance after adjusting for inflation and exposure, with any buyers attempting to push pricing down likely to meet with caution from reinsurers around their use of capacity, according to Sompo International’s global reinsurance CEO Chris Donelan.

Acrisure Re secures additional mid-year limit for strategically aligned SE clients

Acrisure Re was able to place additional cat limit to support the growth of a quartet of Florida and Southeast clients at renewals from April to June, navigating a shift in reinsurer appetite that required a range of structures and solutions, according to executives from the firm.

Scor: Nat cat and other lines hold promise, but T&Cs and P&C portfolio balance remain key

While industry concerns mount over the increased frequency and severity of natural catastrophe events, Scor says that property catastrophe and other business lines continue to hold promise so long as the right conditions are met, and an appropriate balance can be struck across its entire P&C portfolio.

Reinsurers waiting to see RMS 23 impact on already elevated US cat demand

The property cat market is still waiting to see how US insurers implement the new North Atlantic hurricane model from RMS into their underwriting, with the update pointing to increases of up to 30 percent in expected losses in Texas, the Gulf, Florida and Southeast states, which could drive incremental demand for limit.

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