Renewals
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In casualty, the executive is seeing an acceleration of flight to quality both from cedants and reinsurers. -
The US insurer squeezed its retention in a renewal where cat treaty retentions are widely holding steady.
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The finance committee discussed shifting market dynamics as tort reform takes effect.
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The market is “extremely competitive”, with several launces from MGAs and syndicates expected.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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The subsegment is the latest commercial auto sector to feel the heat of litigation losses.
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With property getting more competitive, FM pursued an opportunity for growth in E&S with Velocity.
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An average of 81% of property accounts renewed flat or down.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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Shared and layered accounts are seen as reaping the biggest benefits.
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The mood in Orlando was sunny among cedants and reinsurers alike, but there are clouds on the horizon.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
