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Renfe has mandatory accident insurance with Everest and liability cover with QBE. -
Fresh from a deal with QBE Re, the investment firm discusses drivers of casualty ILS growth.
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The carrier will offer $10mn per risk, targeting large corporations.
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Weather events and potential increases in US casualty reserves remain sources of volatility.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Market participants on programs/MGU business in particular feel there's more capacity than 12 months ago.
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The carrier’s overall P&C combined ratio improved by 1.4 points to 91.6%.
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The Caymans-based reinsurer’s Q3 CoR was 86.6%, down 9.3 points YoY.
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The executive said the firm has grown its casualty business by 80% from 2022.
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Interim CUO Nick Pritchard turned in his notice in August of this year.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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The appointments are aimed at offering a clearer team structure.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Brian Church has spent 20 years at Chubb.
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In July, he took the role on interim basis from Laure Forgeron.
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West Hill Capital is the main investor in the capital raise.
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She previously served as Hub’s North American casualty practice leader.
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Tom Potter was global casualty underwriting manager for UK & Lloyd’s at Axa XL.
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He will spearhead the division’s launch slated for 2026, which will be the first product launch for ICW Group’s specialty unit.
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The executive met with UK colleagues to discuss plans for the US business.
