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The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market. -
AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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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 executive has more than 25 years’ experience in the industry.
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Gallagher said higher-than-normal war premiums in some cases may "help to paper over the cracks”.
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The lessor is still pursuing a variety of claims for other trapped planes.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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