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The broker added reinsurers remain cautious on US casualty risk. -
Mathieu Loisel joins the reinsurance broker from New Re.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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Concern over rate adequacy remains, but reinsurers are delving deeper into data rather than walking away.
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The agency’s outlook for global reinsurance remains at Positive.
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The additions included significant reserve bolstering for recent year portfolios 2021-2023.
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The market reacted to the $2.4bn charge in a positive light.
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The carrier’s Q3 net income will be around $100mn, far below consensus.
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The broker said the casualty segment is approaching an “inflexion point”.
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Overall, insurance rates fell by 1%, led by competition in property.
