Trading Risk April 2018

Roy Wright has resigned as CEO of the US National Flood Insurance Program (NFIP) to lead an industry-funded non-profit group that promotes defences against property destruction by natural disasters.

Artex said that one of its founders Peter Mullen will be re-joining the company as CEO-elect, taking over leadership of the insurance services firm from March 2019.

Horseshoe Group's Mike Baker has been appointed to lead the manager's new London office.

Aspen Re Americas CEO and chairman of reinsurance Brian Boornazian will step down at the end of April.

LGT ILS Partners has hired Philip Borgia from Aon Benfield to join its deal sourcing and analysis team, the company confirmed.

Fidelis has appointed Alison Clarke as a senior underwriter in its London market underwriting team.

The UK's Prudential Regulation Authority (PRA) has hired former Tullett Prebon ILS structurer and originator Antonio Guevara to work on ILS.

Heritage Insurance has appointed Tim Johns as president and CEO of Hawaiian residential hurricane insurer Zephyr Insurance Company.

Brit Insurance's Bermuda head of property treaty Julia Henderson has left the company, according to sources.

The oversupply of reinsurance capacity for Japanese wind, flood and earthquake perils capped any anticipated post-HIM rate rises in what turned out to be a broadly flat April renewal, according to Willis Re.

The property direct and facultative market achieved rate increases of 20-30 percent on loss-hit US business at the April renewal, but underwriters were still nonetheless disappointed.

Reinsurers were pushed back in their attempts to increase US property rates at the April renewal, with loss-free cedants even demanding slight decreases, Willis Re said in its 1st View report.