Property

Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.

Terminated staff had hoped the dismissals might be forestalled after the company pushed back the soft reopening of offices until at least February.

Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.

Rates have risen, but cost inflation, climate change, retro renewals and S&P changes mean cat reinsurers are worse placed than in 2021.

The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.

Property deals got done with rate uplifts, private placements and buyers leveraging profitable long-tail lines deals, but many reinsurers were disappointed by the overall scale of improvement in property.

The fires are being fanned by winds of up to 115mph around the towns of Superior and Louisville.

In an interview, Phil Bowie said the company plans to access reinsurance capacity directly, and called current market conditions “the best” for savvy underwriters.

Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.

The deal is the latest in a flurry of MGA M&A activity and comes after it sought to raise a balance sheet earlier in the year.

The ratings agency has proposed a significant change to how it assess insurers’ risk-based capital adequacy.

Grace, who had originally left Everest in May, will be based in London, after previously working out of Boston.