Your weekly re/insurance round-up, ending March 29th 2024

This week, AM Best released a report noting that reinsurers will bear the bulk of insured costs stemming from the Baltimore bridge collapse .

Meanwhile, London’s High Court decided that the $10bn battle between reinsurers and a host of aircraft leasing companies?should be heard in London rather than Moscow.

Aon reported on the April reinsurance renewals , saying that property cat pricing was broadly flat and that market conditions were much more favourable for buyers.

In results news,?Peak Re saw record profit in 2023 , while?The Ardonagh Group's reported income climbed 33.5% for the year.

At the same time,?Lloyd’s revealed an underwriting income of ￡5.9bn in 2023 , with its strongest combined ratio since 2007.

Elsewhere,?Hannover Re announced it will combine its global business in the areas of cyber and digital , creating a new specialty reinsurance business unit, and?Lloyd’s Syndicate Ki expanded its digital follow capacity with a Beazley partnership .

The Fidelis Partnership also confirmed that Lloyd’s has granted “in principle” approval for the launch of Syndicate 3123.

In other developments, Swiss Re observed that 2023 global insured losses exceeded $100bn for the fourth consecutive year, and the?Blueprint Two phase one digital services cutover was pushed back three months .

GIC also completed its acquisition of Cinven’s shares in Miller, while?Bishop Street entered a joint venture with Topsail Re to advance its differentiated MGA platform.

Turning to appointments,?Everest broadened Jim Williamson’s role to steer its global underwriting businesses , and?Guy Carpenter named Ben Savill CEO of Pacific .

MS Amlin also placed Sam Phibbs as Head of Catastrophe Research , and Lockton added Manpreet Gill to its technology specialty.

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!