Renewals
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An average of 81% of property accounts renewed flat or down. -
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.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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Reinsurers and their cedants are feeling their books are in better shape, although the market is still uneven.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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Despite rate reductions accelerating, the sector-wide combined ratio is set to remain below 90% through 2027.
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Capacity has gone up slightly, with new entrants and incumbents feeling better about their books.
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The CEO said the carrier will prioritise margin over top-line growth.
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The specialty reinsurer also saw several bad investments hit the books.
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The risk of cyber incidents that cause physical damage is also rising.
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The president expects to see benefits from the deal in H2 2026.
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The CEO said business remains adequately priced in most classes.
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All lines except workers’ comp are up year over year, however.
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PL coverage is being stripped out of admitted, packaged policies and increasingly purchased in the E&S market.
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While official return to office mandates have gathered steam, what they look like in practice can vary widely.
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In the US, the index fell 6.7% year on year.
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Marsh’s property book saw an average decline of 9% in Q1, a trend that appears to have continued through Q2.
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The January wildfires did little to hamper their appetite, apart from California.
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Elevated cat losses in H1 weren’t enough to stop a further softening of the market.
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The transition will be implemented starting October 15.
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The soft market continued through H1 2025, especially on shared programs.
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The LA wildfires accounted for 59% of loss activity over Q1.
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Cedants were able to “challenge the status quo” with aggregates back on the table, the broker said.
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The company said the reduction was due to years of steady improvements.
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The program’s total limit this year is down $594mn to $1.36bn.
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The broker noted a “significant variation” in renewal outcomes.
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The impact of SAM claims is reverberating through the tower and the broader marketplace beyond hospitals.
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This is up from last year’s $1bn protection for its Florida treaty.
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HCI secured three towers with $3.5bn in XoL coverage.
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The program includes all perils coverage and subsequent event protection.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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A 20% increase in FHCF retention levels sent cedants to the private market.
