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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Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The move comes amid limited availability of annual aggregate cover.
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CyberCube forecast further capital market capacity will hit the cyber insurance market next year.
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1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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The carrier is looking to raise annual aggregate protection from the new ILS deal.
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The retro renewals are barely underway, as a challenging fundraising environment and queries over loss experience has delayed the typical pace of progress.
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The insurer said its plan was to fully transition the book to the fund.
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The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.
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The convergence of traditional reinsurance and ILS has seen reinsurers’ fee income rocket over the past three years.
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Retro rates were in some cases falling by mid-year, ahead of the recent losses.
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Hannover Re CEO Jean-Jacques Henchoz told Trading Risk there was a “question mark” about whether demand would carry over into next year.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The former Peak Capital CEO has left the ILS platform he set up.
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Initially, negotiations are likely to be led by risk takers but there could be a case to model a future role for service providers.
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There is little sign of retro demand returning after buyers cut back in January.
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The start-up's new hire was a founding member of the leadership team at Fosun-owned Peak Re.
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The former Bermuda Brokers and JLT Re broker says ILW appetite is expected to remain strong after benefitting from pandemic trading activity.
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The executive will take up the Hong Kong-based post on 1 September.
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The carrier last year said its K sidecar would pick up Covid claims over time.
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