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Reinsurers are less worried about their property books compared to last year, and eyeing development of casualty loss costs due to social and macroeconomic inflation. -
Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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The firm’s 1st View report on the July renewals also flagged that an oversupply of ILW capacity may bring down attachment points relative to early 2023.
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The broker’s latest report finds stability but continued price discipline in most lines and regions.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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Also formally joining the board are Carlyle’s managing directors James Burr and Jitij Dwivedi, and Adam Halpern-Leistner, director at Hellman & Friedman.
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The reciprocal’s purpose is to deliver additional US property catastrophe capacity to existing and new policyholders of Victor's subsidiary, International Catastrophe Insurance Managers LLC.
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The bond was initially launched as a $175mn cat bond, fronted by Hannover Re.
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O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.
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The private equity house's previous cat bond raised $50mn of parametric coverage.
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The broker will also work to support traditional reinsurance and retro activities.
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Damaging hail and wind hit Texas, Arkansas, Mississippi and Georgia.
