Treaty Reinsurance
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The CUO’s turnover closely follows that of the CEO. -
The non-peak peril is not secondary anymore.
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The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.
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Chandler stepped down as CEO in January to take the role of vice chair.
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The chief executive will also receive a yearly bonus of 200% of base salary.
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Reinsurance capacity is largely stable but that doesn’t mean discussions will be a smooth ride.
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Pockets in the business are still experiencing significant stress, she added.
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Debbie Goldstine previously held an EVP role at Lockton.
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The hire comes amid the firm’s drive to expand in the US market.
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Reinsurers will likely push for double-digit US premium rate increases.
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She replaces interim COO Kirk Maddern, who retires at the end of the year.
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The executive joins less than a year after Baldwin Group launched Juniper.
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The underwriting venture, Florida Re, will target both US and LatAm markets.
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The company is currently “underweight” in that line of business, he added.
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The executive struck a cautious note on the industry’s reserve adequacy for the 2021-23 accident years.
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The broker reported that global reinsurer capital reached a record of $695bn as of June 30.
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“They want to grow their portfolios,” Guy Carpenter's CEO added.
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Return on capital employed hit 13% last year as the cost of capital fell to 8%.
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The CEA has $326.4mn towards risk transfer, 44% below budget.
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The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.
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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.
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The carrier purchased an additional $150mn of cover.
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The tower now represents a 47% increase from 2023.
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Farah Nelson will report to recently appointed group CFO Charlie Rozes.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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Reinsurers were more willing to support lower layers ahead of July 1, the broker said.
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The program is led by the same carriers as the expiring treaty.
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The ratings agency noted robust profit margins for reinsurers.
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Doshi takes over from Jiten Voralia, who was promoted to head of NA treaty reinsurance in February.
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Despite reserving actions, there are no signs of reinsurance capacity shortages in the market.
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The Floridian secured $2.7bn in aggregate limit across two towers.
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The program includes all perils coverage and third-event protection.
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Based in London, the executive will report to Ocean Re CUO Jamie Wakeling.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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Analysis of 2023 statutory data shows that Californian insurers are leaning more heavily on reinsurers but at a nationwide level, premium cessions were more stable.
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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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In certain classes like energy or cat, AIG switched “a bit” to XoL from quota share.
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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.
