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Reinsurers retained more net income this year, driven by a desire to grow into the hardening market. -
The firm’s head of business intelligence Mike Van Slooten said strong capital levels contrasted with cat loss activity running above budgets.
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A reinsurance panel at Reconnect also called for reform of risk models
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The Hannover Re CEO said that the issue of mitigation had become “totally dominant” in discussions about the climate crisis.
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The intensity of recent cat activity in the US, Japan and Europe means the market is positive for reinsurers, the executive said.
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Reinsurers with third-party capital platforms said to be well-positioned for a return to growth in alternative capital.
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The Convex CEO said that the reinsurance market was yet to accept the true scale of its Covid-19 exposure.
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Stephen Catlin, Andy Marcell and Tim Gardner feature in today’s sessions.
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The carriers with the largest Louisiana market shares also ceded more than $100mn to Lloyd’s syndicates during 2020.
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The executive spoke candidly about past management issues at the firm and expressed confidence about the long-term health of the business.
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The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.
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The agency said its rated insurers were well positioned to absorb significant catastrophe losses, as they had generally experienced capital expansion over the previous 12 months.
