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The pricing on the deal has settled below initial guidance at 7.5%. -
The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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Sang Hun Park previously spent nine years at Allianz before joining Munich Re as a senior origination manager in August 2021.
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The capital management platform remains active but January renewals were fronted by the balance sheet.
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The carrier has increased its retro capacity by 56% to EUR1.34bn.
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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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It is understood that Ascot will continue to write worldwide retro business.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
