Axis Capital
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The declining number of IPOs has reduced demand for public D&O cover and created competition, but current rates may not adequately price the risk, the executive said.
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Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
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The company said $212mn in cat losses were primarily attributable to Hurricane Ian and European convective storms.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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Based in New York, Greer is responsible for leading the surety reinsurance efforts in the United States, Canada and Puerto Rico.
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Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive noted that there are still unmet needs in the wholesale sector, and expects the flow of business to continue into the E&S channel.
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If the hurricane season continues to be mild, it could impact pricing momentum.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Axis chief outlined optimism on his new structure for reinsurance, and said it can grow in its chosen classes of casualty and specialty reinsurance.
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