Swiss Re
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The deal brings an end to Prudential’s participation in non-core legacy property and casual business. -
The carrier also estimated its European flooding burden will be $520mn.
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An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
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Coletti takes the role previously held by Anthony Cordonnier, who recently joined reinsurance broker Guy Carpenter.
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Governments will need to think in the long term despite current Covid challenges.
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A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.
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The offering uses highest wind speeds at set locations as triggers for payouts.
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Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
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The carrier reported price improvements of 4% at the summer renewals.
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The underwriter will likely oversee a brand-new team following the exodus of the prior team to Dual.
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The pair will head up programs business in the Americas, Asia-Pacific and EMEA.
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