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The carrier predicts Covid’s reinsurance impact will drive market hardening. -
The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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CEO Manning Rountree says its new Lloyd’s investment “hit the ground running” at the renewals.
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Citi, Jefferies and Berenberg laud the carrier’s steep rate increases in specialty lines.
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The carrier maintains its 2021 profit forecast amid 8.5% 1 January premium growth.
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Further Covid losses, core loss ratio improvements, reserving and the duration of the cycle are key themes emerging from the reporting season.
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The CEO said there is still some way to go on pricing as he revealed $2.4bn premium expectations for the group in 2021.
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The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.
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The CEO says her carrier will be targeting “thoughtful growth” in specialty insurance and reinsurance.
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Pandemic recoveries are expected to tail off as cat aggregates are exhausted, while pricing trends are positive.
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Property insurance rates are rising by high single digits to 15% on clean accounts.
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Carriers sought rate hikes of between 12.5% and 15% in the final quarter of the year.
