Swiss Re

The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.

Juries don’t significantly differentiate in cases involving severe injury.

The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.

Litigation funders are promoting “aggressive” tactics in the UK, Holland and Israel.

Growth in the SME sector could help stabilize the market, however.

The CEO said the carrier will prioritise margin over top-line growth.

The tech could quickly open the door to disruptors, and firms with poor data management will lose out.

The 127-acre corporate campus has been the reinsurer’s North America headquarters since 1999.

California wildfires account for $40bn of the insured loss tally in H1.

Laure Forgeron has worked at the Swiss carrier since 2009 in numerous senior positions.

Rate gains are easing across many commercial and personal lines.

The reinsurer said US president Donald Trump’s policy was already impacting investment.

Separately, Caribbean market head Janine Seifert is leaving the reinsurer for BMS Re.

The once niche product is generating interest in a growing number of industries and sectors.

The reinsurer’s CFO cited a 1.5% net price reduction year to date.

Growing economic and population exposures are driving potentially larger insured losses.

The carrier forecasts stable profits, but tariffs are creating “high uncertainty”.

The tariffs could expose insurers to the risk of recession and shrinking income.

This follows the firm’s exit from primary aviation.

Katie McGrath is appointed CorSo CUO amid a restructure of the unit.

The executive has been with the firm for 27 years.

It estimated insured losses from nat cats on track to exceed $135bn in 2024.

This year’s top-line growth will be a decade high.

The market grew at a rate of 32% annually from 2017 to 2022.

The carrier’s Q3 net income will be around $100mn, far below consensus.

Pockets in the business are still experiencing significant stress, she added.

The company is currently “underweight” in that line of business, he added.

The reinsurer constructed a “social inflation index” for a new study.

The firm bolstered US liability reserves by $650mn in the H1 2024.

The insurance sector’s RoE is expected to exceed 10% next year.

Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.

Commercial lines will remain bifurcated, with strong growth in property and weak growth in liability.

The US tallies $97bn in economic losses from major perils each year.

Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.

The downgrade was driven by a change in the Swiss Insurance Supervision Act, which came into effect 1 January and is unrelated to the rating fundamentals of Swiss Re, according to the agency.

Darly Polenz will be working with Russ McGuire, head of origination, with a focus on accelerating BMS Re’s growth strategy with balance sheet businesses.

Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.

Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.

Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.

Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.

Rising counterparty risk from economic slowdown will support prices and growth.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The decision to align across business units had removed the need for the regional presidents' roles, the company said.

Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.

AM Best said market hardening was likely to continue through 2024, given global market conditions.

A total of 10 events caused more than $1bn in losses each.

The industry’s ROE is expected to reach 8% in 2023 and 9.5% in 2024, up from 2.5% in 2022.

The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.

The report outlined 17 recurring and emerging risks (re)insurers should be aware of.

Inside P&C’s news team runs you through the key highlights of the week.

The comment comes after major US carriers pulled back from new business in wildfire-prone California.

He will join the North America regional management team, in addition to continuing to serve as a member of the company’s Canada management team.

Katie McGrath said the insurer continues to be deliberate in decision-making amid market opportunity.

Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.

The Swiss reinsurer follows Munich Re, Hannover Re and Zurich in withdrawing from the alliance.

Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.

Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.

The reinsurer has made a series of high-level reshuffles this month, including the appointment of Greg Schiffer as head of US national accounts.

Swiss Re has appointed Greg Schiffer its managing director, head of US national accounts.

Butera was previously head of P&C client markets US, in the company’s reinsurance division.

The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.

Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

The appointments will be effective July 1, subject to regulatory approvals.

Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.

The executive had previously served as the company’s vice president and senior treaty underwriter, based in Mexico.

Cedants are grappling with rising rates while coverage narrows.

Based in New York, the executive will continue to report to Katie McGrath, CEO North America, Swiss Re Corporate Solutions.

The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.

Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.