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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit. -
The firm’s European regional treaty cover shrank 9% to $398m.
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The firm assigned a neutral outlook overall to ILS but is strongly positive on many non-life risks as it seeks diversifying strategies that can withstand inflation.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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It noted that its aviation and marine books are covered by retro although its exposure is “not very material”.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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The carrier took a net EUR838mn of cat losses in the full year.
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The carrier’s whole-account XoL retro also shrank by a similar margin.
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Greater participation of cat bond investors in the retro market has some advantages alongside the risks.
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Retro renewals have made major progress in early January, but programme gaps remain at some levels, with reinsurers left carrying more risk net.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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The move comes amid limited availability of annual aggregate cover.
