Retrocession
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After rapid growth, can the ‘darling of European insurance’ maintain its lean style?
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The depth of the retro market recovery will be an influential factor in the pace of the cat market slowdown from here.
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Tokio Marine has told cedants that it will discontinue its aviation retro book as the effects of the mammoth Boeing loss continue to ripple through the market, this publication can reveal.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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It is understood that Ascot will continue to write worldwide retro business.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Plus the latest executives on the move and all the top news of the week.
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Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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The unwinding of the pandemic, inflation and specialty pricing are set to be some of the areas of focus for the market.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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CyberCube also forecast that fresh capital will start to flow into the cyber insurance market next year.
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Panel turnover could be on the rise, as retro change may have a knock-on impact
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The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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A rampaging cat bond market should lead more cedants to consider its long-term advantages.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The start-up's new hire was a founding member of the leadership team at Fosun-owned Peak Re.
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The executive will take up the Hong Kong-based post on 1 September.
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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
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Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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ARPC said the move improves the pool’s capital strength.
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The A$14bn pool will switch brokers on 1 April.
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The move from Fidelis to hand back $275mn of capital is rare in a "use it or lose it" world, but what does this say about the direction of the retro market?
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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The capital supports the MGA’s excess retro portfolio.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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New capacity did not have a major influence on the outcome, but greater rated paper interest and a drop-off in demand kept rate increases more manageable than feared.
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The executive will lead the retrocession and property specialty segments.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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Investors from the ILS boom era are also those who've had the least luck, so fundraising remains a slog.
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Total insured losses are well up on 2019, but the severity of individual blazes is not likely to impact reinsurers extensively.
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Collateralised capacity will retain an important role in the retro niche.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
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Smaller reinsurers and Lloyd's carriers will be more impacted than global top-tier firms, the broker forecast.
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Alternatives to the buffer loss table are coming to the fore, as the sector searches for answers on trapped capital.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
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In so many ways, Covid-19 has scope to manifest as an asymmetric loss, and inadvertently having to run the property loss net may be yet another.
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Willis Re's head of international says retro buyers are finding alternative levers to manage their capital as the market hardens.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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Bisset has worked at Aon and legacy entities for more than 20 years.
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The spectre of wholesale trapping of capital ahead of 1 January is further dislocating the market.
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The platform said a narrowing spread between buy and sell offers on ILWs suggests more trades will clear.
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At last reinsurance pricing seems to be succumbing to hardening forces within the US market.
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Reinsurers lift price expectations while cedants come to market ready to make concessions.
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Property reinsurers seem to be preparing to draw the battle lines on Covid-19 claims around T&Cs.
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The purchase follows the 2019 launch of the Lion Rock Re sidecar.
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Active underwriter says pricing, retro conditions and casualty crisis will play out in MAP 2791’s favour.
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