Americas
See below for coverage of the US and other growing markets in the Americas
CatIQ raises Quebec ice storm loss estimate to C$416m
Loss estimate covers both commercial and residential property and vehicle claims
Gallagher Re hires Aon’s Muñoz to lead global fac
Broker hires industry veteran Pablo Muñoz to drive global facultative growth and strikes deal with Japanese fac partner
Allstate closes $1.25bn sale of group health business to Nationwide
US property/casualty giant continues divestment programme to focus on core lines of business
Munich Re acquires insurtech Next
German reinsurance giant buys remaining shares in California-based insurtech
LatAm insurers face slowdown this year
US trade policy will dampen growth but insurers’ credit ratings should stay stable, according to Fitch
Casualty ceding commissions ‘generally flat’ at mid-year renewals
Improving casualty economics led to stable market at the June/July renewals, brokers report
Property catastrophe rates down 5% to 15% at 7/1: Guy Carpenter
Reinsurance capacity exceeds cedant demand more than 20% at key renewal, despite first-half catastrophe losses of $70bn
Rod Fox leaves Howden Re
Departure comes three years after Howden’s merger with TigerRisk, which Fox founded in 2008
Accelerant files for initial public offering
Risk exchange announces plans for offering amid an active IPO period for the insurance sector
Buyer-friendly conditions accelerate at mid-year reinsurance renewals: Aon
June/July renewals characterised by ‘broadly competitive environment’ as reinsurers, ILS markets and new entrants look to deploy capacity and grow market share, global broker says
Lloyd’s welcomes withdrawal of US penalty taxes
US agrees to pull Section 899 ‘retaliation tax’ from Trump budget currently in Senate
Two more carriers approved to enter Florida insurance market
Incline National Insurance and Florida Insurance and Reinsurance given green light by regulators
Reinsurer association warns of legal uncertainty in Brazil
New insurance contract rules threaten to disrupt market practices and could affect the availability of capacity in Brazil, Rafaela Barreda, president of trade association Fenaber, says
Hurricane Erick insured losses ‘below $2bn’
Insured losses expected to be ‘well below’ those caused by 2023’s Hurricane Otis, rating agency AM Best says
SiriusPoint names Catalina’s Pryde as CRO
Bermuda-based carrier appoints legacy specialist Catalina executive as group chief risk officer
Descartes launches parametric US flood product
Pluvial, fluvial, and coastal floods are covered up to $70m per contract, with escalating payouts based on flood depth at the insured site
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