Your weekly re/insurance round-up, ending July 14th 2023

Major industry developments hogged the headlines this week, with the news that AXA is reportedly considering the sale of its reinsurance arm, AXA XL Re.

Farmers Insurance said it is capping its new homeowners policies in California starting this month, and also announced it will no longer offer coverage in Florida.

Meanwhile, the ARA's latest version of HurLoss has once again been accepted by the Florida Commission on Hurricane Loss Projection Methodology for insurance rate-making in the state.

In other news, Swiss Re released a report noting that 'emerging Asia' is set to become a primary driver of global economic growth in the coming years, with Corporate Solutions' Jonathan Rake noting the region is 'ripe for innovation'.

Elsewhere, RBC Capital Markets reported that H1 2023 nat cat losses are in line with historical averages, while France riot total claims cost reached €650 million, according to France Assureurs.

Aon outlined the new structure of its Reinsurance Solutions UK leadership team, and insurtech Slide has secured an additional $100m named storm reinsurance protection with its second cat bond.

Turning to people moves, International legacy group Compre welcomed Daniel Fiehn as group COO, while Canopius hired AXA XL’s Charles Cooper as Head of Reinsurance & Bermuda CEO.

Lloyd’s named Rebekah Clement as Corporate Affairs Director, and AXIS Capital appointed Lauren Kent to lead AXIS Re International.

Swiss Re’s Board of Directors have decided that the current Vice Chairman, Jacques de Vaucleroy, will continue to lead the Board and be proposed as the firm’s new Chairman at the next AGM in April 2024.

It was also reported that Steve Hearn is to succeed Bronek Masojada as PPL Chair.

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!