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The reinsurer also hired Martin Bages as Latin America and Caribbean head. -
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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Millions are evacuating after one of the strongest earthquakes in modern history.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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US events accounted for more than 90% of global insured losses.
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Volante joins capacity providers Allianz and Tokio Marine Kiln.
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The weather-modelling agency is predicting a below-normal season.
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The changes affect operations in Switzerland, Bermuda and the US.
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The company said the reduction was due to years of steady improvements.
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The program’s total limit this year is down $594mn to $1.36bn.
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This is up from last year’s $1bn protection for its Florida treaty.
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The number has expanded by around 40% from an earlier update, sources said.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The $2.59bn renewal is up 45% from last year.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Most of the losses are attributable to a supercell storm in Texas.
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The company also has $100mn for US hurricane events.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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The bond will provide named storm and quake coverage in the US.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
