Swiss Re
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Severe convective storms were the biggest driver of last year’s losses.
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The ILS executive will head up structuring for the Americas.
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The US tallies $97bn in economic losses from major perils each year.
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The vast majority of 2023 recoveries were from events in prior years.
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The reinsurer’s assets under management rose 14% to $3.3bn.
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The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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The reinsurer is seeking per-occurrence cover on an industry-loss basis as reported by Perils in the US.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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Swiss Re Alternative Capital Partners assets under management hit $3.3bn as of 30 September.
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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The reinsurer said hardening of property reinsurance conditions must continue.
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The pricing settled at 925 basis points, which is towards the lower end of the initial guidance of 900-975 basis points.
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Competition at the upper layers of reinsurance towers could lead to the creation of ‘riskier’ cat bonds, said Swiss Re Capital Markets.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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A total of 10 events caused more than $1bn in losses each.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The reinsurer opened its cat bond portfolio to third-party investors last summer.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
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The $120mn bond, issued in 2021, covers mortality risk in the US, UK, Canada and Australia.
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The executive will report to reinsurance solutions CEO Russell Higginbotham.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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The report outlined 17 recurring and emerging risks (re)insurers should be aware of.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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Christoph Oehy will replace Luzi Hitz in November 2023.
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Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.
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The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.
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The carrier’s P&C re and CorSo units benefited from price increases at 1 April, as well as the receding impact of Ukraine.
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
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Jacques de Vaucleroy has been appointed vice chairman as the carrier seeks a new chairman.
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The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.
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Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.
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The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.
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The head of property and specialty underwriting reinsurance posted on LinkedIn that he had brought forward his planned departure from the firm after 35 years.
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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The executive was previously head of casualty underwriting for EMEA.
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Cedants are grappling with rising rates while coverage narrows.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The reinsurers will provide a parametric solution to ensure a fast payout.
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Early reporters emphasised an ongoing demand for structural change.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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Social and medical inflation have already been factored into the company’s reserves.
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The carrier said geopolitical factors had given “new urgency” to the green transition.
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ILS risk-sharing should stick to peak risks, the reinsurer argued.
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Insured losses in 2021 alone hit $20bn.
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The executive will work to help corporations understand and mitigate the threats posed by climate change.
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Performance is expected to recover in H2 due to rising rates, the broker-dealer forecast.
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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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Swiss Re’s advisory firm aims to offer investment management services to third-party investors.
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It is launching the new capability through a new SEC-registered investment advisory firm.
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Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
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He led on structuring an innovative $1.15bn reinsurance stop-loss transaction in April.
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The carrier’s 6% rate increases over 2022 YTD are “subsumed” by larger loss expectations, including rising inflation.
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The reinsurer absorbed large nat-cat claims of $938mn in its H1 results.
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The recruit joins from Verisk.
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The forecast for real-term premium growth was depressed by anticipated claims inflation.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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Insurance resilience is still lower than prior to the Covid-19 shock, according to Swiss Re’s sigma research.
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The segment’s lustre has been dulled by losses and capital trapping.
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Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.
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The deal upsized from an initial $150mn target despite one layer being withdrawn.
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The reinsurer has grown its renewing cat treaty book by 23% year to date.
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The bond in four tranches will offer USAA multi-peril aggregate cover.
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She was previously an investor relations senior manager at Swiss Re.
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The reinsurer said its stop-loss bond required a “partnership” approach to distribution.
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The first-of-its-kind deal blends bank financing with ILS funding.
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The company said it is seeking to “extend the boundaries of insurability” as it can now model over 50% of secondary peril exposure.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.
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The reinsurer said the third-party platform, which reached $2.2bn at the start of this year, provided capital relief and supported nat-cat capacity.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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The new cat bond will add to $450mn worth of existing cover protecting the reinsurer.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
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The carrier’s P&C unit delivered a $2.1bn net profit that compared to a loss of $271mn the prior year.
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Resilience bonds attempted to link up financial goals that proved to be too mismatched.
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Average multiple declined by 11% as issuance expanded by 13% last year
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The Swedish pension fund will participate in Swiss Re’s natural catastrophe business.
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Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
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The COP26 climate talks in Glasgow represent progress towards a necessary reduction in carbon emissions “but not victory”, with concerns remaining that pledges do not go far enough, according to Swiss Re.
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Maya Bundt referred to cyber security threats as the “dark side” of proliferating digitalisation.
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The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.
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In a virtual Baden Baden conference, the reinsurer emphasised a push on addressing secondary perils after a high flood loss year.
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The carrier also estimated its European flooding burden will be $520mn.
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An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
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The offering uses highest wind speeds at set locations as triggers for payouts.
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It is part of the firm’s commitment to reach net-zero emissions in its own operations by 2030.
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Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
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CFO John Dacey also urged primary carriers to be “realistic” on rising extreme-weather costs.
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The carrier said July flooding in Europe and South African unrest would bring losses in the mid-triple-digit million range for Q3.
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The executive replaces Emmanuel Thommen, who has announced his retirement.
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The deal will exclude Covid-19 from its current year coverage.
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The revelation came with the release of the institute's 2021 Resilience Index.
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It will be the insurance company’s first foray into the cat bond market since 2018.
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The carrier increased premium volume by 20% at 1 April as Japanese cedants lifted limits.
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The primary unit swings back to profit, while P&C re earnings expand seven-fold.
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Interest in parametric coverages has increased among insurance buyers as a response to coverage gaps exposed by unanticipated losses and tightening traditional market capacity.
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Reinsurers, corporations and states must redouble efforts towards net-zero emissions, the carrier says.
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Reinsurers still have concerns over rate adequacy as views of typhoon risk evolve.
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The reinsurer finds secondary perils accounted for over 70% of natural catastrophe claims.
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The reinsurer accelerates its retreat as part of a new set of targets to achieve net-zero emissions by 2050.
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Tighter cat bond spreads will prevail until issuance catches up with investor demand, the firm forecast.
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Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.
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The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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He has taken on a role as senior property underwriter after a stint as portfolio manager at Axa’s ILS unit.
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The executive will be replaced by Peter Elliott on an interim basis.
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Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.
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Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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By setting up an asset manager, the reinsurer is competing with ILS firms on their turf.
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The company has expanded its sidecar in recent years but this will allow it to tap into a different investor base.
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Significant start-up moves this month included Kathleen Faries and Julia Henderson joining Lavant and Piers Cantlay signing up to join McGill.
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Pricing has also been reduced below original spread ranges for both bond tranches.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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The deal would take Swiss Re retro cat bond cover issued this year to $1.2bn.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The transaction is a bearish signal for the post-Covid cat reinsurance market.
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China is expected to lead the upswing in business, with non-life premium growth of 10%.
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The experienced broker had been freelancing for almost two years.
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The reinsurer’s CFO warns pandemic “is not over” and declines to guide on year-end result.
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The reinsurance CEO says Swiss Re will cut back its US casualty share.
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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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The “conservative” figure includes $1.2bn of new engineering cover as facilities are built as well as $9bn of commercial insurance for when they are up and running.
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EMEA cat rates have failed to reprice while US and Japan markets have been more reactive, the firm noted.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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