Retro
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021. -
The carrier has increased its retro capacity by 56% to EUR1.34bn.
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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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The deal protects the carrier’s capital in the event of large nat-cat or mortality losses.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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It is understood that Ascot will continue to write worldwide retro business.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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