Your weekly re/insurance round-up, ending 6th September 2024

It's Friday 6 September, 2024

In this week's news,?Lloyd’s reported a strong H1 combined ratio as its profit rose to ￡4.9bn , while?CCR Re’s H1 profit climbed 7% to €970m .

Elsewhere,?Praedicat has been acquired by global rating agency Moody’s Corporation , building on its acquisition of RMS in 2021, and?Aventum revealed it is now 100% owned by all employees as its GWP hit $1.9bn .

In other developments,?Munich Re and Swiss Re remained the two largest global reinsurers, according to data from AM Best .

Gallagher Re also announced that global reinsurance capital reached $766bn in H1 , and Guy Carpenter observed that reinsurance pricing will perpetually recalibrate, but program restructuring will endure .

Meanwhile,?Fitch Ratings has revised its global reinsurance sector outlook to ‘neutral’ from ‘improving’ , noting that the pricing cycle has most likely passed its peak.

As for the major reports, CyberCube noted that the US standalone cyber insurance market could reach $45bn in premium by 2034 , and Verisk warned that the insurance industry should expect average annual cat losses of $151bn .

Turning to the key people moves,?Tobias Sonndorfer was appointed CEO of VIG Re , and?BMS Re welcomed Aon’s Brad Melvin as President and CEO, US .

At the same time,?Beazley named Swiss Re’s Chris Merl as Country Manager, DACH , while?Jonathan Stephenson is set to lead Brit in Bermuda as Head of Office .

Aon also placed Mike Cane & Yen Chu Choo as Capital Advisory Leaders .

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!