RenaissanceRe
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Improved performance and growing investment returns played a role in the upgrade. -
Cat portfolios generally grew, but casualty approaches varied.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.
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The reinsurer has also appointed Mehdi Benleulmi as global head of credit.
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Chance Gilliland spent a decade at Chubb underwriting property binders.
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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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The property market remains “one of the most favourable... I've seen in my career", he said.
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The property CoR improved by 9.1 points, while casualty and specialty’s fell 5 points.
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The specialty treaty market is preparing to deal with the fallout from the Baltimore bridge disaster.
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The Bermudian has been reducing exposure in Florida for almost a decade.
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The property CoR improved by 13.7 points, while casualty and specialty’s deteriorated by 6.7 points.
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The 100% equity award will vest in full after five years.
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Sven Wehmeyer, Jodie Arkell, Hugh Brennan and Ed Cruttenden have new roles.
