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The agency affirmed the carrier’s Insurer Financial Strength rating at AA-.
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The broker said the war in Ukraine and loss cost inflation were adding pressure to an already challenging market. -
The impact of the war in Ukraine has led to a drop-off in IPO activity, which many carriers were relying on for growth.
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On an investor call for the broker’s Q1 results, Marsh McLennan COO John Doyle indicated overall pricing trends for Q1 ahead of the full index.
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Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
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WTW forecasts that cyber rates could increase by 100% to 200% for heavily exposed industries.
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The ratings agency warned that the fallout from the conflict in Ukraine could also have an indirect economic impact.
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The action follows the news that Brickell PC Insurance Holdings would acquire the remaining shares in R&Q for £482mn ($632.4mn).
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Cat de-risking and asset revaluations have also been key features of this renewal.
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Inflation is now a key concern in every line of business, the broker said.
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There is a tension between securing payback and negotiating higher retentions.
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Wind excess-of-loss treaties renew with gains between 2% and 5% in “underwhelming” renewal.
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