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The company’s targeted Vescor cat bond would have provided collateral to meet auto and other obligations, but there were multiple structural points of risk for investors. -
If you only read a handful of articles this week, make it the selection below.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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The underwriter has worked at various Axa entities for 13 years, holding a string of increasingly senior positions.
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While panelists agreed that tort reform is needed, they also noted that it couldn’t be achieved by force from the insurance industry alone.
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DLG’s outlook has been downgraded to ‘negative’ following a 24% tumble in share price since last week, as severe weather and investment-portfolio pressure tank profitability.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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The MGA writes management liability, professional indemnity, crime and cyber risk.
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The new lead underwriter has almost 30 years’ experience including stints at Chubb, Faraday and Howden.
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The reinsurer added $280mn in casualty pro rata premium in Q4, a 60% jump, while growing casualty XoL writings by 37%, or about $84mn in new premium.
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The carrier continues to write the class from other global hubs.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
