Stocks
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The carrier predicts Covid’s reinsurance impact will drive market hardening. -
This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.
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The French reinsurer reported average treaty price increases of 7.8% in January and predicted rate growth through to 2022.
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The two PE firms each take a 30% stake in the business, alongside Arch management.
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One estimate suggested around $2bn of new capacity in private deals.
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A cluster of new launches demonstrate continued interest in an "independent aligned" model.
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The modeller had reportedly been the subject of an $86-per-share bid from real estate analytics firm CoStar prior to its $80 deal.
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Across its three core retro deals, the carrier renewed EUR1.17bn, down 3% from EUR1.21bn in 2020.
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Losses stem from four events and amount to $1.5mn gross.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.
