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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. -
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.
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The budget will let the Department for Financial Services run a competitive procurement process for an alternative to Demotech.
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The executive brings more than 15 years of industry experience, having worked for Neon and Validus Reinsurance.
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Some sources argue that now is the time for new management teams to tap into the market with fresh platforms.
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The former Gallagher Re broker is the second departure from the firm in Bermuda since the Willis Re sale.
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Richard Quinn becomes the latest to depart from a property cat-related role at Axis Capital.
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Insured losses in 2021 alone hit $20bn.
