January 22, 2025
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The market expects a lower proportion of restoration by utilities than after 2018’s Camp Fire. -
SCS insured losses accounted for 48% of all global losses last year.
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The agency cited falling property rates and US casualty challenges.
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It is understood that Salcedo will join Aon as P&C treaty head for Colombia and Ecuador.
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Sources said they expected FM to keep around $2bn of the maximum line net.
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The broker has analyzed the differences in wildfire risk between Northern and Southern California.
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The capacity backs the reinsurance underwriter to cover international risks outside the US.
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The executive will take the position left vacant by Alain Bizet, who moved to lead Chaucer LatAm in Miami last year.
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Nick Durant helped launched Lockton Re North America in 2019.
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The unit will be led by Ed Hochberg, global risk solutions leader at Guy Carpenter.
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Insurers have thrown fuel on the fire of the soft property market and brokers will struggle to eke out organic growth.
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One avenue for capital freed up by a softer-than-expected renewal could be more M&A.
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Reinsurers’ average RoE was 16% as of September 2025.
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Tom Wakefield says there is scope for opportunistic reinsurance purchases in 2026.
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The market was unphased by January’s record wildfire loss in Los Angeles.
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Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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The pricing battle has been played out but the extent of new demand will only show up in 2026.
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The influx of capital, combined with a quiet wind season, led to favorable conditions for cedants during 1.1 renewals.
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Cedants are opting to bank double-digit savings as reinsurers fight for market share.
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The US insurer squeezed its retention in a renewal where cat treaty retentions are widely holding steady.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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The outlook flags “large uncertainties” amid possible El Niño through summer 2026.
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The market is “extremely competitive”, with several launces from MGAs and syndicates expected.
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The Japanese P&C carrier agreed a deal to buy 15% of WR Berkley shares in March.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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An “extraordinary” proportion of storms reached Category 5 status this year.
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Existing facilities and carrier partners will be transferring from K2.
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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Widespread underinsurance and low exposures will limit losses.
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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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