Guy Carpenter

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.

Guy Carpenter is lining up for a challenging 1 January renewal, but hard conditions may ultimately prove a tailwind.

The motion comes a month after Carpenter sued the rival reinsurance broker over the "orchestrated” exit of 12 executives from its Dallas-based practice.

The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.

Third-party reinsurance capital was predicted to hit $95bn in 2022.

The rate-on-line index rise is the steepest uplift in 16 years.

Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.

After 26 years the firm’s chairman of UK and global specialties is stepping down.

Pool Re announced in November that Enoizi was departing after leading the state-backed reinsurer since 2013.

Property cat rate increases this January were double those of last year and the highest since 2014.

Head of Continental Europe facultative Nicola Fraccalvieri will lead the combined team.

The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.