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Improved underwriting margins thanks to hardening rates were eclipsed by falling investment returns in the first half.
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The ratings agency says reinsurance resilience is “starting to crack”.
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With the market scattered and a high degree of uncertainty around 1.1, rhetoric and narrative building may matter more.
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The move by the founding shareholder follows activist investor pressure on the reinsurer.
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The carrier reports lower-than-expected life claims linked to the pandemic.
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The international chairman says poor investment returns will drive push for rate adequacy.
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The Bermudian manager is looking to broaden its platform.
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Sources also identified Arch and Hampden as participants in the accelerated auction.
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Covid-19 losses and other catastrophe events have exhausted the catastrophe budgets of many companies, the ratings agency said.
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The industry is not yet in a hard market, said group CUO Thierry Léger.
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Warren Berkstresser will focus on US property treaty and specialty programs and open and run the broker’s new Seattle office.
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The transaction covers casualty reserves for the 2009 to 2017 years of account.