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High general liability losses are cause for concern despite modest improvements in other lines. -
Catastrophe losses in Q1 exceeded $50bn, the second highest on record.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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Companies often purchase policies with limits far exceeding their actual exposure needs.
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
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Competition and ample capacity are pushing premiums lower.
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Large account and E&S property have gotten competitive faster than expected.
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Strong underwriting performance and aggressive repricing of risks in most lines has aided stability.
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The executive has previously held roles at CRC Group, Allianz and Nationwide.
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“Models aren't going to tell you what the emergent risks today are,” Dolan said.
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In casualty, getting significant blocks of capacity remains a major challenge.
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The program is designed to address a changing risk environment.
