Treaty Reinsurance

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.

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.

Well-priced top layer cat risk is in demand, leaving reinsurers watching the market carefully for any signs of decline.

The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.

The need to recognize adverse development in the back book is the most plausible culprit for market behavior, and an escalation of rhetoric.

Insurers should reserve as conservatively as possible, maximize their product set, and decide if they are buyers or sellers.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.

Cedants and brokers are navigating the complexities of varying risk appetites signaled by reinsurers, who are willing to provide more capacity for cat treaty but only at certain layers as they maintain discipline.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The event cost the carrier $66mn, including $14mn related to reinstatement premiums on its catastrophe treaties.

The executive brings more than 25 years of global reinsurance broking experience to the new company.