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Data from the broker indicated that around 70% of global losses were driven by SCS, with events in the US causing $35bn of insured losses over H1. -
However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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Morrison spent four years as an underwriter at Securis before moving to Aeolus in 2018.
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The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"
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CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.
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The supply-demand dynamics are all pointing in ILS markets’ favour, so long as hurricane season goes quietly.
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Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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The ratings agency said the improvement was a result of “high pricing discipline driving a hard market, rising investment yields and a strong demand for reinsurance protection”.
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Radford joins after spending two years at Aon’s Capital Advisory business.
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Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
