Hiscox predicts 10% US cat rate rise
Lloyd's (re)insurer Hiscox plc believes that the first-quarter loss events have "changed" the market and predicts 10 percent average rate rises for US cat business at the mid-year renewals.
The (re)insurer offered its view as it revealed that its London market operation had shrunk by more than a fifth year-on-year as it sought to manage the soft excesses of the underwriting cycle.
"The first quarter began with rate reductions in reinsurance lines but the recent catastrophes have changed the market,&...
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