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The reinsurance broker said total reinsurance market capacity was up 5.3% year over year.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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The cedant’s Namaka Re bond is offering a spread range of 200-250 bps.
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The bond provides coverage for North American storms and earthquakes, as well as European windstorms.
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The pricing is at the top end of the initial guidance range of 550-600bps.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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Earlier today, Aon confirmed president Eric Andersen had stepped down from his role.
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The executive will remain with the firm as a senior adviser to the CEO until mid-2026.
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The business offers parametric windstorm coverage.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.