Reinsurance

The German carrier will increase the attachment point on its US coverage by 50% to $300mn.

The reissue of terms comes amid a tough European property cat market.

The risk is increasing of some cedants ‘running naked’ in early January as the market faces a ‘horrendous bottleneck’ of negotiation ahead.

The increasing frequency of $1bn-plus deals has led to discussion in legacy circles on whether there is a viable case for legacy deal syndication.

The reinsurer said the appointment comes as it looks to grow in the property treaty arena.

The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.

The Corporation’s CEO said the market could be 50% bigger in treaty reinsurance business.

Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.

It is understood that Ascot will continue to write worldwide retro business.

Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.

The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.

The geo-political groups have launched the Global Shield against Climate Risks, a scheme that will deploy financial support for vulnerable countries during cat events including via insurance provisions.