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The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement. -
CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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On the property side, the costs for rebuilding a structure continue to climb and could prove to be prohibitive.
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The firm announced that it is exiting the property reinsurance business.
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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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Around 16% of the wholesaler’s accounts absorbed rate rises above 20% in March and the other 31% saw rate increases between 10% and 19%.
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Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.
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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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April 1 reinsurance treaty renewals saw increased retentions and rates that were up on average of 7.5% to 12.5%, the wholesaler reported.
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The proposal is at the upper end of previous proposals put to the insurer’s board.
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The NICB has estimated that fraud adds 5%-10% to the total claims paid following a disaster.
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The carrier has also promoted Srdjan Todorovic to lead its global political violence operation.
