Reinsurance

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

The increase in premium growth was largely attributed to strong pricing trends for commercial lines and reinsurance business.

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 broker said clients can move fast in a harder market but need time to review quotes.

The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.

In response, Scor said it is taking all possible steps to improve its profitability.

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

The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.

The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.

Reinsurers are demanding price increases and higher retentions as brokers warn cedants to be ‘realistic’.

Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.

The negative outlooks reflect AM Best’s expectation that macroeconomic headwinds and current unfavourable capital and investment market conditions may exacerbate financial stress on Fosun over the short to intermediate term.