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The reinsurer said the market was unprofitable and pricing needed to increase immediately. -
The carrier reported a 3% price reduction across London market business.
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The broker said the burgeoning class of business was still finding its stride.
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CEO Adrian Cox said the market could turn on “unexpected events”.
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Cyber and property experienced the largest price reductions.
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The broker's share price dipped 11% in morning trading after its Q1 earnings missed expectations.
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The only major product line to see rate increases was casualty.
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California wildfires had ‘little or no impact’ on property cat pricing at April 1, Dean Klisura said.
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Technical pricing is insufficient in some areas and inflation is biting into margins.
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Softening in the upstream market has also accelerated beyond expectations.
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Despite a softening market, carriers still have belief in their profitability, sources said.
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The Gallagher Re executive called on the market to “prepare to grow sustainably together”.
