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Several structural factors, including the pricing cycle, make insurers more insulated from US activist states. -
Consistent underwriting performance, the completion of the exit from life, acquisitions, organic growth and succession planning will all be focuses.
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Private equity is cautious around even the hard market opportunity in cat.
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The intention to potentially sell Attune illustrates Coalition’s desire to refocus its story on cyber – where valuations have held best in harsh market conditions for InsurTechs.
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Normalized cat returns of 25%-30% do not seem to be persuading reinsurers to dial up risk.
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Tighter debt markets and a weakening growth outlook is now putting pressure on private broker multiples.
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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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Key questions include whether this is bad enough to trigger real change in Florida, and how elastic cat treaty capacity is to price.
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The incoming CEO is different than his predecessor, but has already won hearts and minds in Marsh McLennan, and outside it.
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Reinsurers are more bullish about their prospects than they have been in years, but start-up and ILS fundraising is a desert.
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The fronts are highly leveraged balance sheet firms taking significant underwriting risk, with high levels of counterparty credit risk.
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Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
