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The Howden-owned MGA lost ~$250mn in cat capacity in September. -
Fears around social inflation have maintained upwards pressure on US liability reinsurance pricing.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker said.
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The broker noted a shift towards alternative risk solutions in the MENA region.
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The club’s net combined ratio dropped by 2 points to 93% for the year.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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The carrier launched the consortium last year in a bid to support the clean energy sector.
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The MGA boosted its capacity by 40% earlier this year, amid heightened activity in marine war.
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The Incyde Risk facility will provide up to $25mn in capacity on a primary and first-excess basis.
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John succeeds Kostya Zolotusky, who will retire at the end of the month.
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The average risk adjusted rate increase is hovering at about 2% for clean business.
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The new hire will build a portfolio of niche liability classes.
