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GWP rose by 17% to $177bn for Aon’s peer group of reinsurers, while their average combined ratio stood at 94.0% – down from 104.4% for the prior-year period. -
The HSCM founder said that, in the last few years, the cost of large losses had been driven up by interconnected events.
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He becomes the first service company provider to hold the title.
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The charity made history this year with its issuance of the first ever humanitarian cat bond.
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Pricing on the Japan earthquake deal settled toward the higher end of guidance.
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The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
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The ratings agency said that cat models were not taking into account the full impact of climate change.
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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
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The Corporation has given in-principle approval for the syndicate, which will have initial stamp capacity of £130mn.
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The Durant Re IC deal was the first humanitarian cat bond in the history of the ILS market.
