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The agency’s outlook for global reinsurance remains at Positive. -
The additions included significant reserve bolstering for recent year portfolios 2021-2023.
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The market reacted to the $2.4bn charge in a positive light.
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The carrier’s Q3 net income will be around $100mn, far below consensus.
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The broker said the casualty segment is approaching an “inflexion point”.
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Overall, insurance rates fell by 1%, led by competition in property.
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European property cat rates stabilised and, in some cases, decreased this year following corrections in 2023.
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Reinsurers will likely push for double-digit US premium rate increases.
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Legal trends, the primary pricing micro-cycle and other factors all play into an opaque outlook.
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Negotiations are getting tougher, but overall market capacity is stable.
