Your weekly re/insurance round-up, ending January 19th 2024

In this week's news, reports from the 2024 World Economic Forum in Davos, Switzerland, stole much of the limelight, alongside a host of industry developments, re/insurer results, and key people moves.

Speaking in Davos, Christian Mumenthaler, CEO of Swiss Re, observed that the net-zero transition is accelerating despite geopolitical risk exposure.

Meanwhile,?Rafal Modrzewski, CEO and Co-Founder of ICEYE, made a speech emphasising the pivotal role of satellite technology in rebuilding trust and addressing global challenges, particularly in the realm of insurance.

In other developments,?Gallagher Re disclosed that insured natural catastrophe losses hit $123bn in 2023, while the?global economic cost of natural catastrophe events reached an estimated $357bn.

Elsewhere,?Swiss Re purchased the cyber market’s first retrocession ILW, brokered by Gallagher Re, and?CCR Re sponsored the sixth renewal of its 157 Re sidecar.

Resolution Re also announced a ￡2bn funded reinsurance transaction, and?Carrick Group entered a loss portfolio transfer with IRB(Re).

Speaking in an interview with Reinsurance News,?Ebix Europe’s Vice President, Pete Smyth, highlighted how?PlacingHub is “well-suited”?to addressing high costs associated with other electronic placement platforms.

Meanwhile,?US primary insurer Allstate reported that it made progress on its profitability plan with substantial rate increases in 2023, and algorithmic exchange InsurX launched?in the London Direct & Facultative Property market.

In results news,?US primary insurer Travelers saw its Q4 net income rise by $807m to $1.6bn, while Truist Financial Corporation's Q4 2023 insurance income reached $813m, compared with $766m in the same period of the prior year.

Turning to the key people moves,?Aon named Ardonagh Specialty’s Steve Dando as CEO of EMEA, Strategy & Technology, while?Aspen Insurance appointed Sarah Stanford?as Interim CEO of Aspen UK.

Miller also hired Guy Carpenter’s Shaun Sinniah?as Head of Reinsurance & Capital,?and?Chaucer appointed Aspen’s Richard Milner?as Group CEO.

We’ll continue to update you with more coverage on 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!