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Plus, the latest people moves and all the top news of the week. -
Broker facilities and increased US domestic appetite are accelerating the softening.
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most.
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Motion Specialty will initially focus on high value home and flood insurance in the US.
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The revision is significantly lower than the $4.5bn October estimate.
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The reinsurer said the LA wildfires would have a “dampening effect” on mid-year renewals.
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The reinsurer's group operating income fell by 14% to EUR480.5mn.
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New broker vehicles are setting up amid accelerated softening in D&F.
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The facility provides follow capacity to US and international placements.
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Cat losses included $17.5mn from the CA wildfires and other events.
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Beazley, Hiscox and Lancashire all grew in Q1 despite widespread rate decreases.
