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The reinsurer’s CFO cited a 1.5% net price reduction year to date. -
The executive said the industry can continue to grow by embracing emerging threats.
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Lloyd’s CUO said established broker facilities were “big enough”.
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Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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Sources said MarshBerry was retained earlier this year to run the sale.
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Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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The programme will succeed the previous buyback launched in 2023.
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The platform could help reduce claims-cash holding times by 10 weeks.
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The CUO noted that market-wide rate change in Q1 was down 3.3%, coming in below plan.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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The executive has spent 10 years in a range of roles at the Corporation.
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Competition is high in specialty reinsurance as new capacity enters the market.
