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The rate change will be implemented in November. -
Property underwriters warn of complacency in how quickly margins can erode.
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However, some syndicates are planning more significant growth following hires or strategic shifts.
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Lancashire was the only carrier to see double-digit growth in insurance revenue for H1.
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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.
