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The action follows the news that Brickell PC Insurance Holdings would acquire the remaining shares in R&Q for £482mn ($632.4mn). -
Cat de-risking and asset revaluations have also been key features of this renewal.
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Inflation is now a key concern in every line of business, the broker said.
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There is a tension between securing payback and negotiating higher retentions.
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Wind excess-of-loss treaties renew with gains between 2% and 5% in “underwhelming” renewal.
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Sources have also said capacity is reaching its limit as the appetite to large credit and political risk polices decreases.
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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The firm adjusted 2022 projected revenues for the acquired Willis Re book down by $10mn from its 2020 figures due to forex and Ukraine changes.
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The broker has reported successive slowdowns since price increases climbed to a peak in Q1 2020.
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The carrier expanded premium by 8.3% at the January renewal.
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Cyber rates continue to spike globally, along with financial and professional lines, Marsh data shows.
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There is a nervousness among both brokers and underwriters around what compounding rate rise may mean for appetite for the product.
