Lines of business

There is a tension between securing payback and negotiating higher retentions.

Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.

The ratings were withdrawn after the reports for the full-year 2021 fell short of requirements to maintain it, Joseph Petrelli, president at Demotech said.

Wind excess-of-loss treaties renew with gains between 2% and 5% in “underwhelming” renewal.

The new firm says ESG criteria will be embedded into the products.

The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.

Having set up its London Bridge ILS platform, Lloyd’s believes it can leverage its reinsurance-to-close (RITC) mechanism to develop an ILS market for casualty, CFO Burkhard Keese said on a results call yesterday.

Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.

The state-backed property insurer is mulling its risk transfer options for 1 June.

The firm says that, without change, firms will be downgraded in the coming weeks.

The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.

Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.