Treaty Reinsurance
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The 100% equity award will vest in full after five years.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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The broker attributed increased capacity to improving profitability.
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Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
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Negotiations around US casualty and financial lines were more stressed.
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The market is shifting towards capital relief, with fewer, larger deals.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The former MS Re CUO brings over 30 years of industry experience.
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Otis could be a $2bn-$3bn loss, but more information is expected before June renewals.
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Its property cat aggregate cover renewed with improved coverage.
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The increase in limit reflects the carrier’s growing exposure.
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Treaty costs were slightly lower than for 2023 in risk-adjusted terms.
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The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
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The broker will be based in Miami and offer solutions in lines including property, energy, construction and financial lines.
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The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
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The program’s retention remained the same at $3.5bn.
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Both executives will report to CEO Guillermo Eslava.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
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The business will bring together aviation, marine, cyber, engineering and parametric solutions.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.
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January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
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Well-priced top layer cat risk is in demand, leaving reinsurers watching the market carefully for any signs of decline.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.