Property

While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.

The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.

January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.

Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.

Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.

The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.

Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.

Carriers aren’t calling off their retreat from the market until tangible, actionable regulations emerge from commissioner Lara’s camp, sources told this publication.

The syndicate exited the class in 2021 at a time when the Lloyd’s market was in the thick of its performance drive and Decile 10 exercise.

For some time now, property has been doing the heavy lifting around growth and rate rises in E&S.

Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.

The commercial lines market is generally rational and disciplined, the CEO told analysts at the Goldman Sachs 2023 US Financial Services Conference.