Your weekly re/insurance round-up, ending 26th July 2024

In this week's most important news, CyberCube estimated that the recent CrowdStrike IT outage will cost cyber insurers up to $1.5bn, while Parametrix said that the event would drive insured losses from $540m to $1.08bn.

Despite these predictions, leading cyber insurer Beazley noted that it would not change its undiscounted combined ratio guidance of low-80s for the full year.

In Q2 results news, Chubb’s P&C underwriting figures improved despite elevated cat losses, and Gallagher saw revenue of $2.73bn as its net earnings increased.

Meanwhile, Aon’s Reinsurance Solutions delivered 7% organic revenue growth in the quarter, while WTW’s net income climbed 48% as its revenue hit $2.3bn.

RenRe’s Q2 underwriting income also rose 36% as net income for the quarter reached $495m.

In a similar vein, AM Best placed the credit ratings of SCOR under review following the French reinsurer's recent L&H update, while S&P upgraded Munich Re’s ratings on improved profitability & earnings diversification.

Elsewhere, it was revealed that ILS managers Twelve Capital and Securis are set to merge, and that Fathom’s flood maps are now available in Swiss Re Reinsurance Solutions’ CatNet.

Also, after taking a $1bn slice in 2023, Berkshire Hathaway did not participate in Florida Citizens Property Insurance Corporation’s 2024 catastrophe reinsurance renewal, which was dominated by Bermuda-based and collateralised reinsurers.

Turning to the key people moves, Robbie MacDonald was named IQUW Head of Property, while SiriusPoint placed Inmaculada Gonzalez as Global Head of Ceded Reinsurance.

At the same time, BMS appointed Hannah Watkins as UK Chief Growth Officer, and Vantage expanded its Insurance Leadership Team.

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