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The broker's president and CEO predicted rates could "moderate downward" in the coming months.
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Rob Berkley, CEO of WR Berkley, has said his firm will not pull out of reinsurance despite what he termed a “frustrating” period for the segment.
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Underlying profitability at global reinsurers has deteriorated by more than 5 points on the combined ratio since 2005.
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Aviation rates held flat during first quarter renewals as underwriters prioritised profitability above volume or market share, according to JLT’s latest Plane Talking report.
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There is growing evidence that upwards pricing momentum for US commercial property insurance is already waning.
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The president of specialty insurer RLI has accused some MGAs in the US market of "irrational behaviour", with business still being written at unsustainable rates. -
Strengthening resolve among aviation underwriters is arresting a prolonged decline in rates, broker JLT Specialty said.
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Fitch is maintaining its negative outlook on the property and casualty (re)insurance sector, citing an excess of capital and strains on pricing.
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Tumbling cat bond prices continue to exert pressure on the wider reinsurance market and are likely to curb rate increases at the upcoming Florida renewal.
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There is growing evidence that upwards pricing momentum for US commercial property insurance is already waning, even as underwriters continue to digest record-breaking 2017 cat losses.
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Higher loss experience and increasing levels of litigation have led to restricted capacity for US directors' and officers' risks.
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Pricing on loss-free airline all-risk accounts showed muted upward movement at the 1 April renewals amid continued overcapacity and an uptick in claims.
