RenaissanceRe
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Chance Gilliland spent a decade at Chubb underwriting property binders. -
The firm said supply and demand was becoming more in balance than at 1 January renewals.
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The property segment experienced a 113.5-point impact from the California wildfires.
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He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.
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Sources warned some property XoL books are already running 50% loss ratios.
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Deteriorating CoRs, GWP growth and fears over wildfire impacts were common themes.
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The reinsurer is ready to deploy additional capacity following the event, but only if prices are commensurate with risk.
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Hurricane Milton brought the firm net losses of $270mn in Q4, while it forecast up to a $750mn wildfire hit for Q1.
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The reinsurer tends to support a number of syndicates where it has a potential relationship.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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Hurricane Milton is estimated to have a net negative impact of $275mn on Q4 results.
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Everest Re bucked a more general trend to keep cat exposure stable.
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