Coastal insurers and reinsurers kept US insurance composite flat last week as S&P 500 reached new recordCoastal insurers and reinsurers were the two worst-performing groups in the North American insurance composite from Stonybrook Capital and Weild & Co, as concerns on Hurricane Milton made the sector miss out on Wall Street gains last week.
Intact and Definity increase Q3 cat estimates as Canadian losses continue to mountCanadian insurers Intact and Definity have both increased their previously disclosed cat loss estimates for the third quarter.
WTW: Canadian cat-exposed property facing rate rises of 10-20% in 2025Ample capacity means that catastrophe-exposed Canadian commercial property risks are facing rate rises of just 10 to 20 percent next year even as the nation’s insurers digest the impact of their worst year on record for natural disaster losses, according to WTW.
Alternative risk transfer rates flat in North America: WTWRates for parametric and other lines of alternative risk transfer in North America are expected to be flat as demand remains high, according to WTW.
Axa XL Re sets sights on growth in North AmericaAxa XL Reinsurance is looking to increase the amount of North American business it writes both through growing its existing book as well as adding new lines of business, with CEO Renaud Guidée having recently moved to New York to spearhead the expansion.
US insurance stocks outperform as robust jobs report pushes Wall Street into the blackThe North American insurance composite compiled by Stonybrook Capital and Weild & Co rose 1.6 percent last week, outperforming all major Wall Street indices, which ended in positive territory despite escalating tensions in the Middle East.
Canadian cedants facing hefty rate rises in wake of record cat yearReinsurers are expected to push for substantial rate increases and higher retentions on Canadian business at the 1 January 2025 property renewals as the country reels from what is already its worst ever year for insured catastrophe losses.
Tampa on alert as Milton brings major hurricane threat to Florida’s west coastMilton is set to become the fifth hurricane to make landfall in the US during 2024 later this week, posing a major threat to the west coast of the Florida peninsula.
Marsh sues WTW and 10 ex-staff following raid on Toronto and Ottawa officesMarsh Canada has begun legal proceedings against WTW’s Willis Canada Inc and 10 former staff after they resigned last month to join its rival, amid accusations its competitor “has a plan to unlawfully compete and disrupt its business”.
Hub partners with Mexico’s MAS Seguros on cross-border transportationHub International has agreed an exclusive referral and broker program partnership in the US, Canada and Mexico with trucking insurance broker MAS Seguros.
US insurance composite edges up 0.2% as Helene leaves (re)insurance stocks largely unscathedNine of the 11 industry groups in Stonybrook Capital and Weild & Co’s North American insurance composite remained in positive territory last week, despite Hurricane Helene making landfall as a Category 4 storm in Florida’s Big Bend region.
WTW bolsters Canada CRB team with 10 Marsh hires in Ottawa, TorontoWTW has raided rival Marsh for 10 Canada-based hires in Ottawa and Toronto, including Lisa Irvan, Andrea Ryan Williamson and Grant Williamson, The Insurer can reveal.
US insurance composite rose 1.2% last week as Wall Street welcomed Fed rate cutThe North American insurance composite compiled by investment banks Stonybrook Capital and Weild & Co underperformed all major Wall Street indices last week.
Allstate expects $225mn reinsurance recovery from Calgary hail eventAllstate has estimated catastrophe losses for the month of August of $272mn, or $215mn after tax, which is net of anticipated reinsurance recoveries of $225mn from a Calgary hail event.
US insurance composite underperforms as Wall Street bounces backThe North American insurance composite compiled by Stonybrook Capital and Weild & Co rose by just 0.4 percent last week, weighed down by Berkshire Hathaway’s 2.6 percent decline.
Munich Re’s Schwimmer: Cedants set to buy increased property cat limit at 1.1Some clients are already signalling they will be seeking more capacity at 1.1 amid expectations that demand will increase this year, according to Munich Re’s Christa Schwimmer.
BMS Re hires Mirabal as LatAm and Caribbean CEOBMS Re has appointed Anthony Mirabal as CEO of the Latin America and Caribbean division, effective November 2024.
US insurance composite fell 2.4% last week as S&P 500 recorded its worst weekly performance in 18 monthsThe North American insurance composite, compiled by investment banks Stonybrook Capital and Weild & Co still beat all major Wall Street indices on the week to Friday and is 24.9 percent up on a year-to-date basis.
Axis launches Shroff-led life sciences practice in North AmericaAxis has appointed Pranav Shroff as head of life sciences in North America to develop specialty coverages across products liability, professional liability and clinical trials liability.
CSU identifies four factors behind unexpected lull in hurricane seasonColorado State University’s Department of Atmospheric Science has identified four possible reasons for the recent lack of hurricane activity in the Atlantic, adding that it still anticipates an above-normal season overall.