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The reinsurer said hardening of property reinsurance conditions must continue. -
Loss severity and prior-year development in US casualty dominated discussion at The Broadmoor.
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Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
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Earlier this week, this publication revealed that the firm parted ways with treaty VP and former TransRe executive Humberto Contasta.
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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation.
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Chaucer joins RSA, Liberty and Axa in the quota share arrangement.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The deal follows a decision to withdraw from some direct Irish business.
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The former reinsurance leader’s exit from treaty highlights wider pressures on the market.
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The underwriter will focus on underwriting and marketing strategy in the region.
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Reinsurer capital fell 8% in Q1 to $645bn on the back of mark-to-market losses, as nat-cat capacity contracted materially for the first time since the 2004-2005 hurricane season.
