Reinsurance organic growth went into reverse at the big three broking houses during the second quarter as underlying reinsurance revenues declined modestly amid increasing market pressures.
Softening market conditions continued to encroach upon the US commercial P&C insurance market during the second quarter, according to The Council of Insurance Agents & Brokers (CIAB)
Suncorp has confirmed that it rewarded reinsurers willing to pay around A$100mn of Cyclone Yasi claims on an ex gratia basis with a preferential share of business at its recent reinsurance renewal.
Shares in Allstate dropped by more than 10 percent in New York this morning (4 August) as jittery investors reacted to disappointing results for the second quarter driven by increased frequency and severity in auto claims.
Suncorp's reinsurers have paid out around A$100mn ($73mn) to fill a previously disclosed hole in the Australian insurer's 2011 reinsurance programme, the firm said today (4 August) in its full-year 2015 results announcement.
