(Re)insurers
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The proposal is at the upper end of previous proposals put to the insurer’s board. -
The move partly reflected de-risking and re-underwriting activity following 2021 losses.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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The Florida carrier has yet to finalise its programs as it awaits potential reforms.
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A restructure will see a global product leader appointed for all QBE Re’s business lines.
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The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Commutation negotiations continue on the book of underlying contracts written by the retro fund.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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The ratings agency cited slowing rate rises and challenges for carriers to achieve above-inflation premium increases.
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The issuance is Vantage Risk’s second in the cat bond market.
