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Being underweight US casualty gives the firm more room than peers to manoeuvre. -
The reinsurer took a harder line than peers on casualty treaty at the latest renewal.
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In its first year under new ownership and after setting up its own managing agency in 2022, the Lloyd’s syndicate is looking at ways to leverage its infrastructure.
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The flight of reinsurers to mid- and upper layers of programmes is influenced by recent experience but softening at this level can be seen as a risky move.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.
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The mood at the association’s annual meeting is vastly more congenial this year, but challenges remain, particularly around long-tail lines.
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With US third-quarter reporting season being well underway, the results so far highlight further runway for the hard property E&S market.
