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The Lloyd’s chief of markets said he was generally comfortable with market fundamentals.
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The underwriter will head up casualty reinsurance for the US and elsewhere.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
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The carrier added casualty reserves of more than $500mn during Q4.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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Being underweight US casualty gives the firm more room than peers to manoeuvre.
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The reinsurer took a harder line than peers on casualty treaty at the latest renewal.
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In its first year under new ownership and after setting up its own managing agency in 2022, the Lloyd’s syndicate is looking at ways to leverage its infrastructure.
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The flight of reinsurers to mid- and upper layers of programmes is influenced by recent experience but softening at this level can be seen as a risky move.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.