Treaty Reinsurance
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Otis could be a $2bn-$3bn loss, but more information is expected before June renewals. -
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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