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The outlook flags “large uncertainties” amid possible El Niño through summer 2026. -
The market is “extremely competitive”, with several launces from MGAs and syndicates expected.
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The Japanese P&C carrier agreed a deal to buy 15% of WR Berkley shares in March.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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Existing facilities and carrier partners will be transferring from K2.
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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Widespread underinsurance and low exposures will limit losses.
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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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The business said it was experiencing strong momentum on the Island.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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Rates will remain elevated in a period of structurally higher risk premia.
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The executive most recently served as head of North American treaty reinsurance.
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CEO Tom Wakefield said property cat supply is “materially outpacing demand”.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
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The CEO said the carrier will prioritise margin over top-line growth.
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The forecast has increased since the early July update due to several additional factors.
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California wildfires account for $40bn of the insured loss tally in H1.
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