ReinsuranceMonth News

Deloitte CEO Roundtable: Discussions ranged from an orderly 1.1 to dynamic capital strategies, market sentiment, energy transition and LOCs

Reinsurance market dynamics point to a more orderly renewal at 1.1.2024, but with a clear need for creative solutions that address coverage gaps from recent reductions in capacity, according to a panel of senior industry executives.

#ReinsuranceMonth 2023: the highlights

This year’s #ReinsuranceMonth officially concluded over the weekend, bringing to a close another packed month of reinsurance content which will set the scene for the upcoming 1.1 renewals.

Brit shows blueprint on how Apollo may exit $3.5bn+ Aspen

Aspen’s successful turnaround under the leadership of Mark Cloutier has seen the company return to profitability and reposition itself – in Cloutier’s own words – as a “dynamic portfolio operator” poised to take advantage of a prolonged hard market.

Guy Carpenter Symposium set to examine potential role of alternative solutions at 1.1

One of the emerging discussions during #ReinsuranceMonth has focused on the shift away from lower layers by traditional reinsurers, and the need to fill the gaps left by this shift.

MENA reinsurers to benefit from positive pricing momentum into 2024: AM Best

Reinsurers domiciled in the Middle East and North Africa region continued to benefit from positive rate momentum at recent renewals, with favourable reinsurance pricing trends set to continue into 2024, according to a new report from AM Best.

Axis Re to pivot cyber exposures to standalone covers as it grows portfolio

Axis Re has targeted further growth in its cyber portfolio as it increases the number of exposures it writes on a standalone basis.

Gallagher Re’s Croxford: “Different feel” to this year’s marine renewals

Upcoming marine reinsurance renewals are expected to see increased reinsurer appetite with less time spent debating terms and conditions, according to Gallagher Re’s global head of marine and energy Nick Croxford.

Scor’s strategic plan may lead to positive rating action: Fitch

Scor’s recently unveiled strategic plan under new CEO Thierry Léger may see the Paris-based reinsurer return to profitability levels consistent with higher-rated peers in the medium term, according to Fitch Ratings.

Howden Tiger: Cedants see 10 pt hike in retained nat cat losses in 2023

Cedants have seen an average 10 percentage point increase in their share of nat cat losses in 2023, according to a report by Howden Tiger.

Behind the asset-light revolution

Conning’s William Pitt examines the rise of asset-light insurance vehicles.

Russell Group’s Basi: Collaboration, new skills needed in connected risk landscape

Russell Group managing director Suki Basi has warned the industry the increasingly connected risk landscape across the global economy means modelling exposures is now more complex than ever before.

CyberCube: Reinsurance capacity to build as modelling confidence grows

A growing number of reinsurers are considering entering the cyber market as improvements in modelling lead to greater confidence around managing larger exposures, according to CyberCube’s chief growth officer Chris Methven.

Lawson: PoloWorks set to double in size by end of first year

Marco-owned PoloWorks is set to at least double in size by the end of its first year, primarily as a result of service business acquisitions, according to Richard Lawson, CEO of its Polo Commercial Insurance Services (PCIS) unit.

Conning: Diligence, reinsurance costs, ratings scrutiny among Vesttoo fallout

Conning has highlighted a greater focus on diligence and risk management, reinsurance costs and diversification, regulatory and rating agency scrutiny, and fronting sector growth impacts as among the key ramifications of the ongoing Vesttoo scandal.

Lockton Re launches global mortgage and structured credit segment

Lockton Re has launched a global mortgage and structured credit segment co-led by Sean Hannah and Joe Koebele.

Envelop Risk launches partnership initiative to aid cyber market growth

Cyber specialist Envelop Risk is seeking to bolster growth of the cyber (re)insurance market with the launch of Cyber Partnership Platforms – a programme for cedants wishing to either enter the market or expand their existing participation.

Munich Re, Scor and Hannover Re join Swiss Re in raising SRCC concerns

The increasingly volatile global risk environment has been a major topic of discussions during this year’s Rendez-Vous in Monte Carlo, with concerns over losses from strikes, riots and civil commotion a consistent theme identified across the big four European reinsurers’ briefings.

GC in talks with potential investors ahead of first climate resilience bond pilot

Guy Carpenter has begun testing the concept of its proposed Climate Resilient Development Bond structure with potential investors as it focuses on developing the first pilot for the initiative, The Insurer can reveal.

Greg van der Made becomes latest to depart QBE Re

QBE Re Bermuda’s Greg van der Made has become the latest senior departure from the reinsurance arm of Australian carrier QBE, with the former lead treaty underwriter joining rival RenaissanceRe.

Hard but stable retro market expected at 1.1

Following significant dislocation in the property retro market over the last couple of years, a degree of stability has returned to pricing, albeit with overall available capacity at reduced levels and no sign of capital entering the sector at any scale that will meaningfully alter dynamics for buyers at the upcoming 1.1 renewal.