Treaty Reinsurance
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Pennsylvania Lumbermens Mutual expects to face higher rates and tighter terms and conditions at the upcoming January 1 reinsurance renewals. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the Houston, Texas-headquartered program manager is now writing business on Sutton National paper.
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Reinsurers seem unwilling to concede on ground won, but insurers continue to feel the pain in an elevated cat environment.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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The market has passed a watershed around the apportionment of losses for attritional cat events between insurers and reinsurers.
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The ratings agency said there had been no capital inflows through new company formations.
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The broker said that capital levels should stabilise at previous levels, given a normal second half.
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Unlike other hard markets, this cycle was not triggered by a single cat event, but rather by an accumulation of secondary perils.
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Sources said Baron is joining Price Forbes after nearly seven years at Aon, where he was managing director based in South Florida.
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AJ Gallagher has recruited a pair of executives from Howden to boost its Latin American treaty footprint, this publication has learned.
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