Treaty Reinsurance

The CUO’s turnover closely follows that of the CEO.

The non-peak peril is not secondary anymore.

The NFIP’s traditional reinsurance coverage kicks in at $7bn of losses.

Chandler stepped down as CEO in January to take the role of vice chair.

The chief executive will also receive a yearly bonus of 200% of base salary.

Reinsurance capacity is largely stable but that doesn’t mean discussions will be a smooth ride.

Pockets in the business are still experiencing significant stress, she added.

Debbie Goldstine previously held an EVP role at Lockton.

The hire comes amid the firm’s drive to expand in the US market.

Reinsurers will likely push for double-digit US premium rate increases.

She replaces interim COO Kirk Maddern, who retires at the end of the year.

The executive joins less than a year after Baldwin Group launched Juniper.

The underwriting venture, Florida Re, will target both US and LatAm markets.

The company is currently “underweight” in that line of business, he added.

The executive struck a cautious note on the industry’s reserve adequacy for the 2021-23 accident years.

The broker reported that global reinsurer capital reached a record of $695bn as of June 30.

“They want to grow their portfolios,” Guy Carpenter's CEO added.

Return on capital employed hit 13% last year as the cost of capital fell to 8%.

The CEA has $326.4mn towards risk transfer, 44% below budget.

The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.

The insurer also pushed up its retention by $650mn.

In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.

The carrier purchased an additional $150mn of cover.

The tower now represents a 47% increase from 2023.

Farah Nelson will report to recently appointed group CFO Charlie Rozes.

The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.

Garceau will facilitate Fleming's growth in technology and AI.

Reinsurers were more willing to support lower layers ahead of July 1, the broker said.

The program is led by the same carriers as the expiring treaty.

The ratings agency noted robust profit margins for reinsurers.

Doshi takes over from Jiten Voralia, who was promoted to head of NA treaty reinsurance in February.

Despite reserving actions, there are no signs of reinsurance capacity shortages in the market.

The Floridian secured $2.7bn in aggregate limit across two towers.

The program includes all perils coverage and third-event protection.

Based in London, the executive will report to Ocean Re CUO Jamie Wakeling.

Citizens also secured $1.1bn of limit for its Everglades Re cat bond.

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.

The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.

Rates are still materially higher than pre-pandemic and lower layers are holding firmer.

In certain classes like energy or cat, AIG switched “a bit” to XoL from quota share.

The 100% equity award will vest in full after five years.

The carrier of last resort is proposing total risk transfer of $5.5bn.

The broker attributed increased capacity to improving profitability.

Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.

Negotiations around US casualty and financial lines were more stressed.

The market is shifting towards capital relief, with fewer, larger deals.

This year, the association’s funding will come to $4.05bn with a $2.45bn retention.

The former MS Re CUO brings over 30 years of industry experience.

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

Its property cat aggregate cover renewed with improved coverage.

The increase in limit reflects the carrier’s growing exposure.

Treaty costs were slightly lower than for 2023 in risk-adjusted terms.

The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.

The broker will be based in Miami and offer solutions in lines including property, energy, construction and financial lines.

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.

The program’s retention remained the same at $3.5bn.

Both executives will report to CEO Guillermo Eslava.

The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.

The business will bring together aviation, marine, cyber, engineering and parametric solutions.

European rates on line increased by 7.60%, while in the US prices were up 5.25%.

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.