Renewals
-
The organization was hoping to grow its reinsurance cover. -
The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
-
The spillover impact from the LA wildfires will play a major role in how much reinsurance capacity will be available.
-
The reinsurance attaches at $7bn, unchanged for the past two years.
-
Many cedants secured aggregate and subsequent coverage at 1 January.
-
Abundant capacity was driven by reinsurers’ retained earnings after two profitable years.
-
Attachment points are unlikely to return to pre-correction levels any time soon.
-
An 11th-hour softening has driven discounts into double-digit territory on some deals.
-
In property, Canada, Central and Eastern Europe and UAE renewals were impacted by losses.
-
The broker said demand grew more slowly than reinsurer appetite.
-
Concern over rate adequacy remains, but reinsurers are delving deeper into data rather than walking away.
-
Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
Related
-
Conduit targets specialty as classes that ‘pay their way’
November 06, 2024 -
Q3 earnings preview: How will the industry weather the storm?
October 16, 2024