-
The exit highlights increasingly difficult conditions in the retro and reinsurance markets. -
The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
-
The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
-
It is understood that Ascot will continue to write worldwide retro business.
-
Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
-
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.
-
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.
-
Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
-
It noted that its aviation and marine books are covered by retro although its exposure is “not very material”.
-
It will offer components for buyers looking for indemnity, parametric or blended coverage.
-
The carrier took a net EUR838mn of cat losses in the full year.
