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Increased vegetation could spell trouble in the future. -
Sources said they expected FM to keep around $2bn of the maximum line net.
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The multi-line program seeks to support investors, developers and operators involved in the AI boom.
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The LA wildfires resulted in the largest insured loss of the year, at $40bn.
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The 25-year industry veteran will report directly to CEO Adrian Daws.
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The property insurer has secured significant additional capacity for its FM Intellium unit.
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Weather events and potential increases in US casualty reserves remain sources of volatility.
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The move comes after a 200+ person mass team lift from Brown & Brown’s retail business in the US.
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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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Price has become a key differentiator in marine and energy.
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Cedants pursued property renewals “aggressively” amid excess reinsurer capacity.
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The US insurer squeezed its retention in a renewal where cat treaty retentions are widely holding steady.
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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re.
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The company named two execs to head global wholesale and commercial.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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The mechanism would work similarly to Flood Re.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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The underwriter will fill a newly created role at AIG.
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Join senior market leaders for a forward-looking discussion on performance trends, pricing dynamics, M&A signals and risk appetite across both admitted and E&S segments.
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Carriers posted weaker top-line results but delivered improved combined ratios.
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The MGA began offering US commercial E&S property products in December.
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The carrier now expects to deliver full-year operating profit of ~£2.2bn.
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James Kelly joins from Besso, having held senior positions at JLT, Lockton and Gallagher.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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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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Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Rates pulling back will rein in some of the excess margin obtained over the past three years, he said.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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APIP is one of the world’s largest property programs.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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Total pre-tax favorable prior period development in the quarter was $361mn, up nearly 48% YoY.
