Brokers
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The RfP covers the CEA and/or the California Wildfire Fund.
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Driscoll and Lubert have been promoted to presidents.
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The challenger broker is continuing to build out its presence on the island.
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The hire has 20 years’ experience in asset management and corporate finance.
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The client lacked options in the conventional insurance market.
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He is succeeded by interim co-CEOs Andrew Wheeler and Russ McGuire.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
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The broker’s 1st View report predicted that cat bond issuance should remain elevated until at least Q2 2024.
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Top-layer cat risk is attracting additional capacity but reinsurers remain firm on attachment points, the broker said.
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Bohm joins from Swiss Re Capital Markets, where he was head of structuring for the Americas.
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Mark Shumway joins from Howden Capital Markets, where he has been managing director since 2020.
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The leadership change follows Howden’s landmark acquisition of TigerRisk at the beginning of the year.
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Nichols joins from Aeolus Capital Management, where he’d served as a portfolio manager after previously spending nearly a decade at Guy Carpenter.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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Skilton will be chair of the team with Wheeler and Murray heading up the global re specialty unit.
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The specialty leader had worked at recent acquisition Willis Re since 1998.
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Former retro broker Erik Manning is leading the initiative having joined BMS Re in January.
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Minesh Jani will report to Bradley Maltese, CEO of international and global specialties.
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Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
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The appointments aim to provide clients with a product-agnostic view on accessing capital in a capacity-constrained market.
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The outgoing McGill and Partners head of structured solutions will become CEO of Augment after fulfilling his contact at McGill.
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The broker said clients can move fast in a harder market but need time to review quotes.
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The broker is looking to solve the severe capacity crunch for its clients as rising demand meets falling supply.
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Paul Shedden joins from Sompo International, where he was head of portfolio design, pricing and analytics – global insurance.
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The CEO said the (re)insurance industry is not doing enough to meet the climate challenge ahead.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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The former Gallagher Re broker is the second departure from the firm in Bermuda since the Willis Re sale.
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The property reinsurance underwriter had joined Axis Re’s London team three years ago.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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The scope of McCann’s new role spans across various property segments, including retrocession.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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The intermediary’s reinsurance solutions business has appointed Joanna Parsons as it looks to expand its capital advisory unit.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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