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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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We look at data trends that shed light on the past year, ranging from growth plans at Lloyd’s to personnel planning, uncertain IPO prospects and the unexpected trends from Florida losses.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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The programme was hit hard by February’s Kahramanmaraş earthquake.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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Former pricing actuary Chris Chandriotis will lead the team.