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The agreement will initially focus on political risk and trade credit, energy and property business, with up to $25mn of capacity per risk.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally. -
The broker said that the carrier’s decision had forced some clients to rebuild policies from scratch.
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The body said that government-backed insurance schemes are not always the answer and are complex to establish.
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The pandemic and natural disasters impacted the result by $178mn.
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Market sources said that ongoing economic disruption is likely to keep pricing in the market high.
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The CFO said that commercial lines business was improving faster than retail, reversing previous trends.
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The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
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The newcomer most recently led Marsh’s property team in Asia, and has also worked at Newline and Cooper Gay.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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