RenaissanceRe

The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.

Across the P&C industry, sentiment expressed on Q3 conference calls has improved since pandemic lows.

The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Bermudian reinsurer said both appointments are effective January 1, 2023.

The Bermudian will purchase less retro protection in 2023, and expects a “step change” in property cat rates, O’Donnell said.

A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

The estimate is driven by $540mn of losses attributable to Hurricane Ian.

If the hurricane season continues to be mild, it could impact pricing momentum.

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.

The carrier said increased demand should maintain upward rate pressure at January 1.