Retrocession
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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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It is understood that Ascot will continue to write worldwide retro business.
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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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Some reinsurers are in “business as usual” mode after Hurricane Ian, while others are pausing to assess the event, as it is too early to tell how cat risk appetite will change, the broker said.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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The insurer said its plan was to fully transition the book to the fund.
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The broker was most recently global head of the ILW practice for Aon’s reinsurance solutions unit.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.