Swiss Re
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CFO Dacey said ILS investors were not extrapolating too much emphasis from strong returns in 2023.
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P&C re and CorSo reported improved net profits and combined ratios for the quarter.
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The former Neuberger Berman managing director confirmed the new role in a LinkedIn post.
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Diversification in perils and regions can help the market grow.
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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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