AIG
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Its property cat aggregate cover renewed with improved coverage.
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The carrier reported an additional A$70mn reinsurance reinstatement because of higher claims.
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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal includes AIG's AlphaCat platform.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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Peter Zaffino said AIG expected to able to source similar levels of reinsurance capacity as currently given its relationships with counterparties.
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The firm pointed to likely material increases in reinsurance rates for peak zone business in some cases.
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The executive will rejoin as EVP, reinsurance purchasing and risk capital optimization.
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The firm ‘felt very good about consolidating programmes’, at 1 January.
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Third-party assets under management were up $100mn in Q1 at $3.6bn.
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The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
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The carrier said AIG Re cut US property reinsurance limits deployed by 10% at 1 January.
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The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
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Brooks had been in his post for almost two years and joined AlphaCat in 2011.
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The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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Jessie Ruppe joins from Arch to oversee casualty ceded reinsurance, while two internal promotions will be responsible for financial lines and property cessions.
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Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
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The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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John Klaus has been named global head of reinsurance placement, after the earlier announcement that Elaine Rocha would take up a newly created role of global chief operating officer.
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The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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Parent company AIG posted an underwriting loss for the period.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
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The CEO called reinsurance an incumbents’ market, despite the influx of new capital.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
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The firm comes as part of a planned expansion in that segment of the reinsurance market.
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The carrier says its programme performed "as expected" but it anticipates needing less cover in the future as it seeks top line growth.
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Fee income stayed flat but AIG's share of AlphaCat investment results dropped.
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Nat cat events make up over two-thirds of the Q3 losses, with Covid-19 claims accounting for 23%.
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The reinsurance broker’s international chief leaves after 35 years.
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The newly created role will focus on broker relationships in the E&S markets.
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Driscoll was a founding employee of Validus in 2005 and became CEO of its reinsurance division in 2012.
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The executive, a key lieutenant of group COO Peter Zaffino, is the first of the Duperreault-era management team to leave.
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The move follows the departures of Validus Re CEO Jeff Clements and head of US property underwriting Chris Silvester.
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The reshuffle at AIG is a new step towards the group president and COO succeeding Duperreault as CEO.
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The company confirmed it had bought $500mn of additional catastrophe aggregate.
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AIG turned a $2mn investment loss from its small stake in the ILS manager's funds.
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