Reinsurance
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The carrier increased premium by 7% at the January renewals. -
The firm projects losses from the fires at between $160mn-$190mn.
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The carrier will look to grow business outside North America.
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The carrier expects the market loss to land at $35bn-$40bn.
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Cedants could choose to retain more as cross-share sell-offs boost their capital.
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Retention levels for reinsurance fell across the different geographies the carrier operates in.
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Q2 renewals will likely signal changes in the reinsurance market, the broker said.
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Social inflation and larger vessels are making multi-billion losses more likely.
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The chairman said the recent events were akin to Andrew, Katrina and the WTC.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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A higher loss quantum will put a greater burden on retro programmes.
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