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Hopes for significant rate increases are building.
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The carrier predicts P&C rates will increase in the double digits in both Japan and the US later this year.
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The carrier said its P&C reinsurance major-loss expenditure for Q4 was EUR886mn, almost double that of the prior-year quarter.
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The carrier renewed its retro contracts and expanded its K sidecar to $640mn for 2019. -
The manager said it also expected currently attractive cat bond opportunities to dissipate later in 2019.
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The firm grew its treaty reinsurance book by 15 percent in the January renewals.
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The company’s investors were now more diversified, CEO Albert Benchimol said in an earnings call.
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The firm’s Q4 fee income was down year on year, but over the course of 2018 has risen 35 percent from 2017.
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Kevin O’Donnell, CEO of the Bermuda-based company, said he expected reinsurance rates to rise in later 2019 renewals.
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Hurricane Michael generated a larger loss for the carrier than 2017’s Irma.
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The board of Bermuda-based Markel Catco’s listed fund will review arrangements as the transition takes place following the founding CEO’s departure.
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A key question is whether retro dislocation will spill over into reinsurance renewals.
