Guy Carpenter
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market. -
Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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Guy Carpenter is lining up for a challenging 1 January renewal, but hard conditions may ultimately prove a tailwind.
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The motion comes a month after Carpenter sued the rival reinsurance broker over the "orchestrated” exit of 12 executives from its Dallas-based practice.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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Third-party reinsurance capital was predicted to hit $95bn in 2022.
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The rate-on-line index rise is the steepest uplift in 16 years.
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Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.
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After 26 years the firm’s chairman of UK and global specialties is stepping down.
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Pool Re announced in November that Enoizi was departing after leading the state-backed reinsurer since 2013.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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Head of Continental Europe facultative Nicola Fraccalvieri will lead the combined team.
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