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Once again, cyber had the biggest increase in the quarter, while rates in financial and professional lines fell for the second consecutive quarter.
Under the new structure, Urs Baertschi will run P&C Re, while Paul Murray will lead L&H Re.
It emerged in August that Philip Graham was leaving Chaucer after more than two decades at the company.
Liability business has been impacted by rising claims costs, driven by social inflation trends.
Opinion

Drought losses highlight ‘domino effect’ risk behind 2022 nat cat headlines

Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril.
Analysis
Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.
Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.
More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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Interviews
Interviews
In an interview with this publication, the CEO admitted the transition “took longer than any one of us would have wanted”.
CEO Nick Cook said the company also plans to invest in an international MGA strategy and a capital advisory unit, with 149 hires budgeted this year.
Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
Group CFO and incoming president of insurance Jeremy Noble has told Inside P&C that the insurance operation is where Markel sees the most upside potential.
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California auto rate approvals trickle in after lengthy moratorium

Five auto insurers receive approval to raise rates after 32-month halt by the California Department of Insurance.
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ILS market offering ‘best entry point since inception’: K2 Advisors

Conviction for ILS has shifted to ‘overweight’ from ‘neutral’ at the manager.
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Axis Q4 results: Life after property cat reinsurance

As ITC Vegas begins, the Inside P&C Research team explores the discussions needed among InsurTechs to address questions around capital, partnerships, and profitability prospects.
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The View from Bermuda: 1/1 Renewals 'Reset' The Reinsurance Market

Insurance brokers and M&A lawyers have reported ever more interest for representation & warranties insurance in Latin America in recent years.