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The expansive broker has also hired Mario Binetti from Everest Re as head of casualty treaty and actuarial. -
A challenged property cat market is expected to open up more opportunities for ILS growth – but the key question surrounds whether and how fast the market can attract more capital to take advantage of this dynamic.
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Third-party capital is showing “skepticism” over the market while traditional capital will decline this year.
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The broker said 2022 cat bond issuance was likely to match the record levels of 2021.
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Aon’s reinsurance solutions CEO, Andy Marcell, said the loss ratios of treaties managed by the brokerage firm performed “pretty well” in the past 10 years.
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The ratings agency predicts a combined ratio of 95.2% for the companies on its watch this year.
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The CEO noted that the company can participate in the property cat reinsurance market three out of every 10 to 12 years, given its approach to that class.
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Rhoads joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.
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The broker said climate, conflict and capital concerns will keep driving up reinsurance rates but suggested new capital may be attracted to the market.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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A Moody’s survey of reinsurance cedants found most are expecting cat rate increases to remain in a high-single-to-low-double-digit bandwidth.
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The broker found reinsurers’ underlying RoE had improved during the period but still fell short of the cost of capital.
