AM Best raises Greenlight Re’s outlook to positive on improved operating performanceThe steady improvement in Greenlight Re’s operating performance in recent years has spurred AM Best to change its outlook on the Cayman Islands-based reinsurer to positive from stable, while the agency has also affirmed the Greg Richardson-led firm’s financial strength rating (FSR) of A- (Excellent).
KBW lowers 2024 earnings expectations for Munich Re and Swiss ReIncreased natural catastrophe losses in the third quarter of 2024, alongside the prospective impact of Hurricane Milton, has seen KBW lower its earnings expectations for European reinsurers Munich Re and Swiss Re.
Firm order terms issued with double-digit rate rises for IG $3.1bn XoL programAxa XL has issued firm order terms for the International Group’s $3.1bn excess of loss reinsurance program that will see double-digit rate increases to all layers of its protection and indemnity tower, The Insurer can reveal.
Hannover Re retro reduction could boost earned premiums by €150mn at 1.1: KBWHannover Re has confirmed it is looking to reduce its retro spend at 1 January 2025, in a move which could lead to around €150mn of additional earned premium.
Assurant estimates $138mn Q3 cat lossesAtlanta, Georgia-based Assurant expects to record $138mn in pre-tax losses, or $109mn after-tax, from reportable catastrophes for the third quarter of 2024, primarily affecting its global housing segment.
Axa XL Re recruits Swiss Re’s Schiffer as CEO of North America, ReinsuranceAxa XL Re has brought in Swiss Re veteran Greg Schiffer as CEO of North America, Reinsurance, The Insurer can reveal.
$30bn-$50bn Milton loss ends prospect of US property/cat rate reductions at 1.1: StonybrookStonybrook Capital has estimated total insured losses from Hurricane Milton at between $30bn and $50bn, with the upper end of the range ranking the event among the dozen most severe storms in recent history.
Milliman: Milton to move needle on reinsurance pricing on lower layersMilliman has suggested its estimated $20bn to $40bn of Hurricane Milton insured losses is manageable for the reinsurers, but may potentially change pricing momentum on lower layers while the storm also has a “reasonably elevated level of future reserve uncertainty”.
Gallagher Re estimates 9M nat cat insured losses at $108bnPublic and private insurers covered $108bn of natural catastrophe losses during the first nine months of 2024, according to a new report by Gallagher Re.
Understanding accumulation needed to ensure SRCC pricing adequacy: Swiss ReGreater understanding around the accumulation of exposures from strikes, riots and civil commotion (SRCC) is needed to ensure that the peril remains adequately priced, Swiss Re’s Nikhil da Victoria Lobo has warned.
Verisk estimates Milton insured losses at $30bn-$50bnVerisk’s Extreme Event Solutions unit has become the latest modelling firm to provide a wide-ranging estimate for Hurricane Milton amid continued uncertainty over the ultimate quantum of insured losses from the event.
Brazil’s deadly floods: the compound impact of El Niño and climate changeCatastrophic flooding in Brazil in April and May was a stark reminder of the compound effect of El Niño and climate change. The unprecedented rainfall – now twice as likely due to global warming – led to devastating flooding across the state of Rio Grande do Sul.
KCC pegs Milton privately insured losses at $36bnKaren Clark & Company has estimated that privately insured losses from Hurricane Milton will be close to $36bn in the US as a result of wind, storm surge and inland flooding.
Adequate capacity driving stable APAC reinsurance pricing: FitchAdequate capacity has led to stable reinsurance market pricing for the Asia Pacific region throughout 2024, according to Fitch Ratings.
GIC Re wins back A- AM Best rating on improved balance sheet strengthAM Best has upgraded the financial strength rating to A- (Excellent) from B++ (Good) of General Insurance Corporation of India (GIC Re) after an improvement in the reinsurer’s balance sheet strength fundamentals.
Arch’s share price drops on “negative surprise” of CEO transitionArch Capital’s share price closed down 2.9 percent on Monday after it announced that CEO Marc Grandisson had stepped down, with KBW equity analyst Meyer Shields describing the news as a “negative surprise”, while also praising his successor Nicolas Papadopoulo.
Milton losses at upper end of initial $30bn-$60bn range: Morningstar DBRSMorningstar DBRS has revised its estimate of insured losses from Hurricane Milton to the upper half of its initial estimated range of $30bn to $60bn, with the event expected to drive movement in reinsurance prices in 2025.
Arch names Papadopoulo CEO as Grandisson retires from companyArch Capital has named Nicolas Papadopoulo as CEO following Marc Grandisson’s decision to retire from the business.
MC roundtable: better data, mitigation and parametrics can build trust with governmentsTrust can be a sticking point in public-private partnerships for climate risk, according to participants in a roundtable hosted by The Insurer in partnership with ICEYE during the Rendez-Vous de Septembre, but improvements in data, mitigation and products can help.
Price Forbes Re expands leadership team with Kelley as CCOPrice Forbes Re has promoted Colin Kelley to the newly created role of chief commercial officer.