Your weekly re/insurance round-up, ending 27th of September, 2024

It's Friday 27 September, 2024

In this week's major news,?Hurricane Helene made landfall in the Big Bend region of Florida as a powerful Category 4 storm, with maximum sustained winds of 140 mph.

Meanwhile, as per Fitch Ratings, reinsurance market players are divided on whether price increases at the key January 1st renewals will be strong enough to properly account for increasing loss trends in the property catastrophe space.

In other developments,?The Fidelis Partnership completed a $2bn refinancing transaction led by Blackstone?Credit & Insurance, while?PERILS & CyberAcuView expanded the US Cyber Loss Index to report unintentional events.

At the same time,?Lloyd’s partnered with the World Bank Group’s MIGA in an effort to boost annual guarantee issuance to $20bn by 2030.

It was also reported that?Ledger Investing has funded and launched a new $100m casualty sidecar, and that?Tower has completed its FY 2025 reinsurance renewal, lifting its catastrophe upper limit by NZ$50m.

Elsewhere, the PRA outlined its strategy to boost UK insurance competitiveness and attract investment, while?2024 disaster relief demand has triggered the first IFRC-DREF insurance payout.

Turning to the key people moves,?Paul Daniel was placed to lead Dale Underwriting's Global Property Reinsurance business, and?Concert established a risk retention platform, naming Katarina Scamborova as President.

Price Forbes Re also appointed Oliver Waterhouse as Head of Property?Facultative, while?Emma Snowdon joined MS Amlin as Head of Capital Management and Investments.

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!