Retrocession
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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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It is understood that Ascot will continue to write worldwide retro business.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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Some reinsurers are in “business as usual” mode after Hurricane Ian, while others are pausing to assess the event, as it is too early to tell how cat risk appetite will change, the broker said.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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The insurer said its plan was to fully transition the book to the fund.
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The broker was most recently global head of the ILW practice for Aon’s reinsurance solutions unit.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
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The Covea deal gives PartnerRe EUR500mn of third-party funds as the retro market heads for the rocks.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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Reinsurers lift price expectations while cedants come to market ready to make concessions.
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Hannover Re takes a key role alongside leader Munich Re in the world’s largest terrorism retrocession placement.
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The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities.
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The Paris-based carrier has a history of using innovative capital tools to manage risks to the company’s balance sheet.
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The executive said a lockup in retro capacity, linked to Japanese typhoons, will further encourage reinsurers to raise rates.
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In a challenged market, new launches are given low odds of sourcing significant capacity.
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The launch follows the carrier’s decision earlier this year to put CatCo into run-off.
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