#ReinsuranceMonth NEWS

Tragic Morocco quake to reinforce MC concerns over elevated cat activity and protection gap

A powerful 6.8-magnitude earthquake brought devastation to Morocco on Friday with the tragic event set to focus minds on critical catastrophe perils and the protection gap as the global (re)insurance market descends on Monte Carlo for the annual industry Rendez-Vous.

AM Best revises Swiss Re’s ICR outlook to stable on improved UW results

AM Best has revised its outlook for Swiss Re’s “aa” (Superior) long-term issuer credit rating (ICR) to stable from negative because of “sustained improvements” in underwriting results, while also affirming the reinsurance giant’s A+ (Superior) financial strength rating (FSR).

Industry should expect average annual cat losses of $133bn: Verisk

Growing exposure values and rising replacement costs mean the industry should now expect average annual losses of $133bn, according to modelling firm Verisk Extreme Event Solutions.

Citi’s Shuck: Scor’s strategic plan provides reassurance on earnings

Scor’s new 2024-2026 strategic plan, Forward 2026, has provided reassurance on its path to more dependable earnings supported by a stronger balance sheet, according to Citi analyst James Shuck.

An in-depth look at Vesttoo’s allegations of “pervasive” misconduct by former execs

Vesttoo has stated a “small subset” of the insurtech’s leadership team engaged in “pervasive and systemic misconduct”, with a court filing including allegations of creating fraudulent letters of credit and its former CEO creating a fictitious person to sign documents.

Aon: competition on top layers of cat programs to exert downward pricing pressure

Aon predicts a 5 to 10 percent increase in global demand for property cat limit at 2024 renewals, which will be met by adequate supply from reinsurers in an orderly renewal where competition for higher layers could create downward pricing pressure.

Fitch revises global reinsurance sector outlook to ‘improving’

Fitch Ratings has revised its outlook for the global reinsurance sector to ‘improving’ from ‘neutral’ to reflect the sector’s strengthening financial performance into 2024.

AM Best: Cat bond and collateralised re may see pent-up demand at year-end

The cat bond and collateralised reinsurance markets could benefit from pent-up demand for reinsurance cover among cedents that did not have room in their budgets at mid-year, AM Best has commented in a new report suggesting cat bonds have lifted a “muted ILS market”.

Everest Re names Schiattone as global head of financial risk

Everest has appointed Marco Schiattone as Everest Reinsurance’s global head of financial risk.

Scor shares rise as investors welcome new CEO Léger’s three-year strategy

Scor has targeted a P&C net combined ratio of below 87 percent over the period from 2024-2026 amid the “best market conditions over the last two decades”, according to CEO Thierry Léger.

RAA president Nutter to be succeeded by SFAA’s Covington at year-end

Frank Nutter will retire at the end of the year after 32 years as president of the Reinsurance Association of America, and will be succeeded by Lee Covington, current president and CEO of The Surety & Fidelity Association of America.

HCI’s Idalia loss to be within reinsurance retention limits

Florida carrier HCI Group expects its pre-tax gross loss from Hurricane Idalia to be within the reinsurance retention limits for each of Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company.

Nick Frankland steps down as Aon’s STG chairman ahead of year-end exit

Nick Frankland has stepped down as chairman of Aon’s Strategy and Technology Group ahead of formally leaving the firm at the end of the year, The Insurer can reveal.

GC: Reinsurance demand and reinsurers’ willingness to deploy capital set to grow at 1.1

Reinsurers will look to deploy more capital in 2024 in an environment of improved rate adequacy while demand for reinsurance increases, Guy Carpenter executives have predicted during a briefing addressing market conditions ahead of the 1 January reinsurance renewals.

CCR Re posts 94.6% CR in H1 as turnover grows 19%

CCR Re reported turnover of €907mn ($971mn) in the first six months of 2023, up 19 percent year on year, which CEO Bertrand Labilloy said reflected the Paris-headquartered reinsurer’s growth at the 1.1 and 1.4 renewals.

Vesttoo scandal described as an “industry embarrassment” as leaders fear consequences

Leading executives gathered at The Insurer’s Pre-Monte Carlo Forum have predicted the Vesttoo scandal will be a key discussion point at next week’s Rendez-Vous, while returns on capital, pricing, avoiding the chaos of the last 1.1 and AI will also be on the agenda.

McGill assigns former GC fac team to new German and Swiss offices

McGill and Partners has opened offices in Germany and Switzerland as part of a wider strategy to expand its specialist reinsurance broking capabilities to European clients.

MS Re’s Goldie: “Real anger” at last 1.1 will overshadow Monte Carlo discussions next week

MS Reinsurance chief underwriting officer Charles Goldie says the stage is set for “difficult conversations” at next week’s Monte Carlo Rendez-Vouz, with the executive pointing to “real anger” amongst cedants over the uncompromising stance taken by some reinsurers in the run-up to 1 January 2023.

Guy Carpenter lands Aon aviation reinsurance duo Nevard and Keegan

Senior London market aviation reinsurance brokers Russell Nevard and Barry Keegan have departed Aon for rival Guy Carpenter, The Insurer can reveal.

UK’s 2022 financial turmoil and double-digit returns fuelling ILS cat bond shift: Albertini

2023 is poised to be a record year for cat bond issuance and a key factor is the UK’s brief financial crisis last year, which reminded pension fund managers around the globe of the importance of liquidity, according to Leadenhall Capital Partners CEO Luca Albertini.