Retrocession
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The reinsurer said retro pricing had ‘moved slightly in our favour’ at 1 January.
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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The investment firm said cat bond spreads that are elevated relative to historical levels continue to offer an attractive entry point for investors.
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Projected 2024 ILS returns remain historically high, but signs of increased appetite for top-layer cat risk and top-end retro raise questions over how long this will last.
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The pricing on the deal has settled below initial guidance at 7.5%.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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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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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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It is understood that Ascot will continue to write worldwide retro business.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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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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The firm’s European regional treaty cover shrank 9% to $398m.
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The firm assigned a neutral outlook overall to ILS but is strongly positive on many non-life risks as it seeks diversifying strategies that can withstand inflation.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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It noted that its aviation and marine books are covered by retro although its exposure is “not very material”.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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The carrier took a net EUR838mn of cat losses in the full year.
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The carrier’s whole-account XoL retro also shrank by a similar margin.
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