Reinsurance
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P&C combined ratios were higher than Q1 2024, and wildfires impacted Hannover Re most. -
The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The reinsurer’s CFO cited a 1.5% net price reduction year to date.
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Large natural catastrophe losses totalled $570mn in Q1, driven by the LA wildfires.
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Competition is high in specialty reinsurance as new capacity enters the market.
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Specialty reinsurance has experienced high competition for talent.
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The carrier’s overall P&C combined ratio improved 0.1 points to 91.8%.
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Renewable retrospective solutions were a key point during the discussion.
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The exec will lead key initiatives including Aon United, and work closely with NFP.
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The new CEO said recent purchases were designed to protect earnings volatility.
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The CEO said Ascot would deploy capital where it sees opportunities.
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New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.
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