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Risk-adjusted rate increases have put returns back to 2014 era benchmarks, sources estimated.
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The main disrupted segments are still aggregate retro and sidecar vehicles, where negotiations over the level of trapped capital have held up the renewal process.
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The cat bond is the second Matterhorn deal to be launched by the (re)insurer this year.
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In its first public cat bond since 2013, the firm joins peers in seeking aggregate retro cover.
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Despite early fears that the storm could rival last year’s Jebi in losses, expectations are converging around the $10bn level.
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The reinsurer said use of third-party capital will limit its net retentions while permitting overall growth.
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We've been talking about the reinsurance market being the “squeezed middle” caught in between accelerating primary and retro markets for some time, but could Neon be the first casualty of collateral damage from this phenomenon?
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A lockup in retro capacity linked to the Japanese typhoons will further encourage reinsurers to raise rates, AIG’s Kean Driscoll said yesterday.
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Hagibis losses have become the most costly event this year for the retro fund
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The retro renewals are still in the calm-before-the storm phase but it seems that capacity limitations are set to open up more of a role for opportunistic players.
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The firm also added former Aon brokers Robert Johnston and Peter Komposch to the Bermuda office amid the reshuffle.
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Lodgepine departs from the pillared structure of Markel Catco, Markel co-CEO Richie Whitt said.