Joshua Hackett has been appointed head of casualty at Munich Reinsurance America Inc, effective March 31.
Hackett previously served as chief underwriting officer for US long-tail casualty and specialty lines at Arch Re. He also held positions at Arch Re including managing director, head of casualty, and director of casualty treaty underwriting.
Additionally, Hackett has held underwriting positions at other global reinsurers, gaining experience in managing sizable casualty and personal lines reinsurance portfolios, as well as expertise in business analytics.
Hackett earned his bachelor’s degree from the University of Delaware and a master’s degree from the School of Global Policy & Strategy at the University of California-San Diego. He holds the Chartered Property Casualty Underwriter (CPCU) certification and the Associate in Reinsurance (ARe) designation.
Winter noted that Hackett’s appointment highlights Munich Re’s ongoing investment in expertise and its long-term focus on casualty reinsurance.
The market has experienced notable developments in 2024 and is poised for further changes in 2025. In the prior year, the US P&C market achieved a net underwriting gain of US$22.9 billion in 2024, marking the first underwriting profit since 2020 and a significant turnaround from the US$21.3 billion loss recorded in the prior year.
Meanwhile, reinsurers are seeking double-digit rate increases for US casualty lines in 2025 renewals. This push is influenced by factors such as social inflation, escalating litigation costs, and adverse loss developments in workers' compensation and commercial auto lines.
Reserve adequacy also remains a focal point, with some reinsurers, like Swiss Re, adding US$650 million to their US casualty reserves in the first half of 2024, following a US$2 billion increase in 2023.
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