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Former Everest Re exec Doucette reboots $1bn+ start-up plans
The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.
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The executive noted that the quarter marked the 21st quarter of rate increases.
The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
The UK Treasury has set out proposals for a new resolution regime that would be triggered when insurers are on the verge of insolvency.
Opinion
Opinion
Q4 results preview: The bull and bear factors that will be studied
Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.
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Analysis
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.
Despite a cooling economy, cost of living pressures are keeping wage inflation and mid-pay employee pressures on base.
Specialty reinsurers clamped down on Ukraine coverage at 1.1, with the one-year anniversary of the invasion threatening claims.
More News
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Lockton expands Nordic footprint with launch of Sweden office
26 January 2023 -
Direct Line secures three-year 10% quota share to boost solvency
26 January 2023
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Miller realigns business into UK and international divisions
26 January 2023 -
Perils raises southeast Australia flood estimate to A$840mn
26 January 2023
Interviews
Interviews
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.
The Canopius MGA has reached $130mn of premium, but is moving to secure third-party support to scale up further.
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