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R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The carrier also signed down some Lloyd’s players due to differential pricing.
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The legacy carrier has acquired two portfolios of European casualty and motor liabilities from two separate insurance groups.
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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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Selling investor Zimmer said the deal was concluded at a premium to book value, but no numbers were disclosed.
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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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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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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.
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The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.