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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
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Loss severity and prior-year development in US casualty dominated discussion at The Broadmoor.
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The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.
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The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.
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The ratings agency also affirmed Swiss Re’s ‘AA-’ rating, with the carrier expected to maintain an ‘AA-’ rating through 2024.
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The hammering of hailstorm losses that US homeowners’ carriers reported for H1 will drive positive change in property markets.
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The broker said that rates were largely flat thanks to insurer appetite and competition.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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