Reinsurers

Does one party – the carrier or the cedant – have to lose out for the other to succeed?

The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.

Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.

Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.

The mood at the association’s annual meeting is vastly more congenial this year, but challenges remain, particularly around long-tail lines.

After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.

Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.

Last year’s APCIA took place during the post-Hurricane Ian stand-off, but despite the greater calm and certainty surrounding the run-up to this year’s 1 January renewal, there are several key themes to be debated at the event.

Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.

Work is at an exploratory stage, with efforts focused on London specialty and US P&C mid-market expertise.

Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.

With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.