Reinsurers
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016. -
In the US, pricing fell by 6.2% at the major renewal.
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Trends leading into 2025 may indicate workers’ comp releases have peaked.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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The firm has commenced writing collateralized retro and reinsurance, but its rated launch is still pending.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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AIG launched an IPO of Corebridge Financial in September 2022.
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The carrier attributed the intensification of storms this season to climate change.
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The sale of the business was confirmed in June.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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Major reserve releases help drive strong Q3 and year-to-date results, but the industry looks over-optimistic.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
Related
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MSI to purchase 15% of WR Berkley shares
March 28, 2025 -
Munich Re America hires Arch Re’s Hackett as casualty head
March 25, 2025