Your weekly re/insurance round-up, ending September 1st 2023

This week, initial?industry loss estimates flooded in for Hurricane Idalia, which made landfall in Florida on Wednesday as a major Category 3 storm.

However, these came in lower than previously feared,?ranging from $3bn to around the $9bn mark.

Notably, catastrophe risk modeller Karen Clark & Company?pegged privately insured losses from the event at close to $2.2bn, while BMS Re said that it feels confident of an insured loss of between $3bn and $6bn.

Elsewhere, the European Commission approved RenaissanceRe's?acquisition of Validus Re from AIG, while?Markel joined the Vesttoo bankruptcy case over $127.75m fraudulent LOCs.

A host of H1 results also arrived from Asia, with the likes of?CPIC, China Re, and Ping An?seeing improvements.

Meanwhile,?Intact Financial reported catastrophe losses of $570m in Q3, while?VIG’s H1 GWP increased 10.8% to €7.3bn.

AM Best released a report noting that?opportunities for new reinsurance company formations will remain limited this year, and S&P?asserted that reinsurance is vital for the development of a sustainable cyber market.

Turning to key appointments, Acrisure?has expanded its corporate advisory and solutions division, while?Fidelis MGU?has strengthened its underwriting team with a string of promotions.

Arch Re also made a range of?executive appointments, while?Hiscox Re & ILS hired RGA’s Ryan Barker as Chief Technology Officer.

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!