Your weekly re/insurance round-up, ending 18th of October, 2024

It's Friday 18 October, 2024

This week, headlines were dominated by various insured loss estimates for Hurricane Milton, which struck Sarasota County, Florida, on October 9th.

Among these were?Karen Clark & Company,?Verisk,?Moody’s RMS, and?CoreLogic, who provided a range of figures between $17bn and $50bn.

At the same time, Progressive revealed that incurred property losses and allocated loss adjustment expenses related to Helene and Milton did not exceed the $200m retention under its occurrence XoL reinsurance program, while HCI anticipates paying up to $750m to policyholders from Helene, Milton and Debby combined.

In results news,?Guy Carpenter saw its revenue climb 6% to $381m in Q3, and?Travelers returned to an underwriting profit in the quarter despite a rise in catastrophe losses.

In other developments,?AM Best upgraded the credit ratings of GIC Re, and?AXA rebranded its China reinsurance unit to AXA International Re.

Elsewhere,?MGA Volt Underwriting launched to support clients active in the energy transition sector, with an initial capacity of $25m.

Gallagher Re also reported that in the first nine months of 2024, losses covered by the private insurance market or public insurance entities totalled at least $108bn, 5% higher than the decadal average.

Meanwhile, speaking in an interview with Reinsurance News,?Swiss Re’s Paloma Quiroga said that re/insurance companies can use climate-related disclosure data to reveal business-critical risk insights, point to growth opportunities and lift the quality of their underwriting.

Turning to the key people moves,?Aon announced that Stephen Hofmann will become U.S. CEO of Reinsurance Solutions, while?Price Forbes Re named Colin Kelley as Chief Commercial Officer.

Arch Capital also revealed that Nicolas Papadopoulo is to become Chief Executive Officer, as Marc Grandisson retires.

We’ll continue to update you with more coverage of the major developments from this week, while also keeping up with the regular news coming out of the re/insurance industry.

We hope all our readers stay safe and well this weekend!