Casualty treaty
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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Fears around social inflation have maintained upwards pressure on US liability reinsurance pricing.
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The new hire will build a portfolio of niche liability classes.
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The Lloyd’s chief of markets said he was generally comfortable with market fundamentals.
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The underwriter will head up casualty reinsurance for the US and elsewhere.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
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The carrier added casualty reserves of more than $500mn during Q4.
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The carrier said it has acted prudently on 2016-19 GL loss trends.
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Being underweight US casualty gives the firm more room than peers to manoeuvre.
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The reinsurer took a harder line than peers on casualty treaty at the latest renewal.
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In its first year under new ownership and after setting up its own managing agency in 2022, the Lloyd’s syndicate is looking at ways to leverage its infrastructure.
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The flight of reinsurers to mid- and upper layers of programmes is influenced by recent experience but softening at this level can be seen as a risky move.
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