Your weekly re/insurance round-up, ending 4th of October, 2024

Hurricane Helene made landfall on the Florida coast on September 26th, and this week industry news was dominated by the storm's potential financial implications.?

Initial loss estimates were released by CoreLogic , KCC , Aon , and?Gallagher Re .

Also, Fitch warned that Helene could trigger the NFIP's reinsurance, as Moody's noted the potential for?significant losses for P&C re/insurers, and RBC said losses could?range from mid-single-digit billions to as high as double-digit billions.

Insured loss estimates also came out this week for the Central Europe floods, with ranges from Verisk ?and Moody's RMS .

In the broking world, Marsh McLennan announced its agreement to acquire McGriff in a $7.75bn transaction.??

Aon announced new roles for Paul Schultz and Richard Pennay, and Acrisure Re hired Peter Sharpe from Gallagher Re.

Elsewhere,?Mahindra Insurance Brokers launched its reinsurance services in Dubai.?

Specialist insurer Beazley announced a new CUO and head of?Beazley Furlonge Limited. Beazley also provided an important update on the cyber insurance market .

Some notable launches were also announced this week, including?Trigger Parametric , Fractal Re , Adaptive Insurance , Fathom's Global Flood Cat model , and?Silverflame Re .

Additionally, we spoke with ASR CEO about Africa's protection gap .?

SCOR held a webinar this week during which the Lloyd's CEO stressed the need for public-private partnerships.?

Finally, analysts at JP Morgan said that 2025 will lead to a stabilisation of the reinsurance market.

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!