Rates

The action follows the completed acquisition of Accredited by Onex Partners.

The board of directors has voted for a 10% rate hike.

In messaging to the market, the cyber insurer described the rating environment as “stable and sustainable”.

Q2 was the ninth consecutive quarter of year-over-year price decreases.

Global property rate increases were also flat in the quarter.

The insurance sector’s RoE is expected to exceed 10% next year.

Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report.

Availability of ILS has so far fulfilled investor demand.

Reinsurers were more willing to support lower layers ahead of 1 July, the broker said.

The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.

Mid-sized 2023-24 cat losses versus ready capacity held the market in equilibrium.

Challenges such as climate change and civil litigation remain troubling.