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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31. -
Insured losses were the second highest on record for the first quarter.
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Industry bellwether results and commentary don't indicate a crisis, despite uncertainty.
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He will replace Scott Lee, who is retiring after 40 years in claims.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The insurer achieved an 86.4% acceptance rate of the policies selected.
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After seven years of premium rate growth, rates are down 5% to 40% across the US.
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Despite positive inflation headlines, there are issues for insurers under the surface.
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Economic unease will join cat losses, renewals, and organic growth as Q1’s key topics.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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The suit alleges a “deliberate scheme” to deny smoke damage claims.
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The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.
