Casualty treaty
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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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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.
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The mood at the association’s annual meeting is vastly more congenial this year, but challenges remain, particularly around long-tail lines.
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With US third-quarter reporting season being well underway, the results so far highlight further runway for the hard property E&S market.
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The reinsurer said hardening of property reinsurance conditions must continue.
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Loss severity and prior-year development in US casualty dominated discussion at The Broadmoor.
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Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
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Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Chaucer joins RSA, Liberty and Axa in the quota share arrangement.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The deal follows a decision to withdraw from some direct Irish business.
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The former reinsurance leader’s exit from treaty highlights wider pressures on the market.
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The underwriter will focus on underwriting and marketing strategy in the region.
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Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.
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The new hire joins from Axa XL, with a background at Hiscox.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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Joe Murphy has left his senior underwriter post to join the Ryan Specialty Group-owned MGA.
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The liability chief started her career with Endeavour in 2009.
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Tom Graham joins from Apollo Syndicate Management, where he most recently held the position of US casualty underwriter.
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Plus a new London SPAC, CII criticism and all the week’s top news.
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Covid-19 losses materially impact the property market, but the marine, aviation and transport segment returns to profit.
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The New South Wales inundation is the first major flood event in the state in a decade, prompting reinsurance fears.
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