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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said. -
A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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The broker said increased reinsurance costs had not been passed onto customers.
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The carrier is increasing underlying rates to counter increased reinsurance costs and inflation.
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The class is attracting increasing scrutiny from executives and within Lloyd’s, as a descent in pricing persists.
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The broker said clients could save money, increase limits and buy extra coverage.
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A report by the ratings agency shows cyber insurance pricing has risen by 11% in Q1.
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The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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Early private deals have provided far more stability in this year’s renewal than last.
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The broker’s UK CEO said the current rating environment is ‘eminently supportable’ for London carriers.
