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Ralph Beutter, currently the board member responsible for specialty lines, is set to retire in May 2025. -
Overall, insurance rates fell by 1%, led by competition in property.
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Despite potential claims stretching into the billions, the events are not expected to shift the dial on pricing.
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Reinsurers are tightening their grip on certain specialty lines to make sure they remain profitable, say senior executives participating in our virtual roundtable.
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The new broking president added that hundreds of Marsh staff would not show up tomorrow at WTW.
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This publication has reported several exits from the carrier’s Lloyd’s operation.
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The specialty treaty market is preparing to deal with the fallout from the Baltimore bridge disaster.
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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The bridge disaster added 6.3pts points to the company’s overall CoR in Q1.
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He joins from Odyssey Re, where he was treaty underwriting VP.
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Former pricing actuary Chris Chandriotis will lead the team.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
