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Investigators are homing in on the likely causes of the incidents. -
AM Best said it expects insured losses from the California wildfires to be “significant”.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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The new agreement provides $40mn of aggregate limit excess of zero.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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In the US, pricing fell by 6.2% at the major renewal.
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The largest non-US event in 2024 was the catastrophic flooding in Valencia.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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The firm has commenced writing collateralized retro and reinsurance, but its rated launch is still pending.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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A quick roundup of our best journalism for the week.
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WTW sold Willis Re to Gallagher in 2021 for $3.5bn.
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