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The cat bond market is thought likely to receive an outsized portion of any capital inflows.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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The US mutual cut back its 1.1 reinsurance program, according to sources.
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The ILS manager’s analysis highlighted that Lloyd’s nat cat exposure had lowered over the six years to 2021.
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The carrier has upped its global all-perils cat coverage to $1.2bn since January last year.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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The organisation is preparing its reinsurance placement based on the increased exposure numbers.
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Rate increases achieved at 1 January will help carriers keep pace with inflation, the agency said.
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The carrier has renewed two of its quota shares with continental reinsurers with final negotiations underway.
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The broker said the renewal had been “gruelling” for cedants.
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The European cat market is hardening faster than expected but the process is being delayed by ongoing negotiations over retro protection and varying lists of reinsurer demands to improve terms.
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The syndicate’s growth headroom is somewhat constrained compared to the Lloyd’s market average.
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Expansion is set to be a trend across Lloyd’s as syndicates look to capitalise on a hardening market.
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The ILS broking leader was speaking at the first in-person Munich Re ILS roundtable at the Monte Carlo Rendez-Vous since the pandemic.
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The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.
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Moody’s, S&P and Fitch all see current conditions as potentially allowing for ILS growth.
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Succeeding years of nat-cat losses have left aggregate and lower-layer capacity tighter.
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The deadline for Lighthouse Excalibur policy cancellations has been extended to 30 June.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
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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.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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