Lines of business

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.

A more consistent trading rhythm returned to the property market, with capacity deployment outside of frequency-exposed layers and more heavily loss-impacted segments bouncing back.

The carrier believes its existing reserves account for any liability relating to claims.

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.

The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.

Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.

This publication recently noted that ongoing rate declines and questions about past accident years are leading to calls for D&O price discipline.

The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.

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 reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.

Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.