AIG
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target. -
The CEO called reinsurance an incumbents’ market, despite the influx of new capital.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
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The firm comes as part of a planned expansion in that segment of the reinsurance market.
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The carrier says its programme performed "as expected" but it anticipates needing less cover in the future as it seeks top line growth.
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Fee income stayed flat but AIG's share of AlphaCat investment results dropped.
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Nat cat events make up over two-thirds of the Q3 losses, with Covid-19 claims accounting for 23%.
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The reinsurance broker’s international chief leaves after 35 years.
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The newly created role will focus on broker relationships in the E&S markets.
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Driscoll was a founding employee of Validus in 2005 and became CEO of its reinsurance division in 2012.
