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Lancashire was the only carrier to see double-digit growth in insurance revenue for H1. -
The action follows the completed acquisition of Accredited by Onex Partners.
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The board of directors has voted for a 10% rate hike.
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In messaging to the market, the cyber insurer described the rating environment as “stable and sustainable”.
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Q2 was the ninth consecutive quarter of year-over-year price decreases.
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The insurance sector’s RoE is expected to exceed 10% next year.
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Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report.
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Availability of ILS has so far fulfilled investor demand.
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Reinsurers were more willing to support lower layers ahead of 1 July, the broker said.
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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Mid-sized 2023-24 cat losses versus ready capacity held the market in equilibrium.
