Renewals

Expansion is set to be a trend across Lloyd’s as syndicates look to capitalise on a hardening market.

The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.

The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.

Moody’s, S&P and Fitch all see current conditions as potentially allowing for ILS growth.

Succeeding years of nat-cat losses have left aggregate and lower-layer capacity tighter.

The deadline for Lighthouse Excalibur policy cancellations has been extended to 30 June.

Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.

DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.

The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.

Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market.

Proposed RAP coverage layer adds protection and exposures for insurers.

The Gallagher Re managing director of EMEA North and East said buyers need to be able to explain their stance on handling inflation, going beyond price to include action on their own underlying limits and deductibles, to get reinsurers on board.