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The reinsurer’s CFO cited a 1.5% net price reduction year to date. -
Rates have fallen an average of 10%, though changes can be highly specific to each property.
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Former Aviva and AIA CEO Mark Wilson will lead the new initiative.
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Gallagher Re said rates had softened in 2025 versus the prior two years.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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The reinsurer also promoted Ethan Allen to chief program officer.
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The company also hired Beazley’s Tracy Holm as general counsel.
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Growing economic and population exposures are driving potentially larger insured losses.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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