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The reinsurer said the market was unprofitable and pricing needed to increase immediately. -
The carrier reported a 3% price reduction across London market business.
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The Bermudian reported net pre-tax cat losses of $49mn, with $32mn attributable to the California wildfires.
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The group reported “robust” growth in property reinsurance premium.
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The executive will oversee Howden Re’s treaty and fac business in Miami.
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The broker said the burgeoning class of business was still finding its stride.
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His leadership roles included overseeing the firm’s capital solutions group.
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The firm said supply and demand was becoming more in balance than at 1 January renewals.
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In a post on LinkedIn, Steve Arora said investor appetite “just wasn’t there”.
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The property segment experienced a 113.5-point impact from the California wildfires.
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The carrier announced a major writedown in its L&H book last year.
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The legacy carrier reported an operating loss of $45.3mn for the year.
