Property cat
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Plus the latest executive moves and all the top news of the week. -
Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near normal" hurricane activity in the Atlantic this year.
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The New Zealand carrier has topped up its cat programme to maintain a NZ$889mn limit.
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Early private deals have provided far more stability in this year’s renewal than last.
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Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
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Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.
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Blenheim’s withdrawal from property treaty highlights questions around London’s role as a reinsurance centre of excellence.
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Softening cat bond rates are among the bearish signals for cat rates, but latent new demand and still-cautious supply should prolong reinsurer gains.
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The syndicate wrote £386.2mn in gross written premium overall, of which £116mn was property treaty in 2022.
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The global P&C CEO said the carrier will deploy roughly the same capacity in the state as last year.
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