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The reinsurer says US property catastrophe rates are now “satisfactory”, with more upward pressure to come.
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After a period of churn in the market, further turnover is expected as start-ups get underway.
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The executive says a time lag for start-ups to achieve profitability would favour incumbents.
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The reinsurer, like other carriers, is currently excluding the peril from events cancellation cover.
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer. -
Retro drawback and concerns over performance in some lines will temper some expansion, say execs.
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Covid losses, lower premiums and low interest rates may impact performance in 2020 and 2021, the agency warned.
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The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.
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Piccolomini and South pick up Advisory, while Clarke will head up global placement.
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Smaller reinsurers and Lloyd's carriers will be more impacted than global top-tier firms, the broker forecast.
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Megan Thomas will replace David Brown, who took the interim role on the departure of Kathleen Reardon last month.
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Net profit at the open market arm of the French state reinsurer rises 71% to EUR29mn on tax tailwinds.
