Rates

Downgrades are expected to be announced next week for some Florida carriers that are “already winding down”.

There is a tension between securing payback and negotiating higher retentions.

Wind excess-of-loss treaties renew with gains between 2% and 5% in “underwhelming” renewal.

The carrier expanded premium by 8.3% at the January renewal.

There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.

Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.

The firm has been in run-off since late 2020, and another former Credit Suisse affiliate was recently sold to legacy writer Marco.

European loss experience drove the firm’s index back in line with 2014 levels.

Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.

The projections are slightly worse than they were three months ago, as heightened cat losses and Covid-related pressures impact rates.

S&P suggested that an “abrupt rethinking” was a more likely outcome than gradual pricing increases – but a third way is possible if ratings agencies set a glidepath to change.

The Hannover Re subsidiary said the event would incur insured losses in Germany alone of “well in excess” of EUR8bn.