Treaty Reinsurance

Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.

The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.

The executive joined the reinsurer a year ago after over 14 years at TransRe, where he held various property treaty positions.

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The massive line from Warren Buffett’s carrier – previously reported by this publication – supported the insurer’s growing inland portfolio as policies have headed to the state net.

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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.

The carrier said it had mitigated the impact of a challenging reinsurance market.

The comment comes after major US carriers pulled back from new business in wildfire-prone California.

ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.

It’s unclear how long some insurers will be able to sustain the cost of doing business in Florida, whether the question is making it through another quarter, another hurricane season or another renewal.