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CEO Pat Regan said he was confident that rate increases were outstripping claims inflation. -
The Canadian carrier's insurance units are looking to take advantage of a favourable rate environment.
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The chairman and CEO said his firm has seen opportunities to deploy capital in multiple lines.
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Pre-adverse development cover, the carrier saw impact from directors’ and officers’ and mergers and acquisitions-related business.
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The carrier cut gross limits for the class of business by $40bn during the quarter.
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Reinsurers have been keen to paint a picture of gains on the horizon in their analyst calls after their January renewals reports.
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The carrier is seeing increasing submission levels and “much improved pricing” in facultative reinsurance.
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The executive told analysts that reinsurance rates are starting to climb in certain areas, offering opportunities.
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A modest 2.9 percent increase in casualty was driven by excess liability and auto.
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The carrier’s specialty division recorded a 14 percent rate increase at 1 January.
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RBC and Jefferies cut growth expectations after carrier reveals cat losses and reinsurance premium reduction.
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No early indication that reinsurance pricing is catching up with insurance rate acceleration.
