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A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022. -
Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The reinsurer reported risk-adjusted prices up 2.3% based on conservative inflation and other assumptions.
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After threatening a swathe of downgrades of Floridian carriers last year, the ratings agency has signaled a positive reception of reforms.
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The company’s Syndicate 2988 exited direct property business.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The head of property and specialty underwriting reinsurance posted on LinkedIn that he had brought forward his planned departure from the firm after 35 years.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
