Renewals
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Total reinsurer capital grew by $45bn in 2024 to $715bn. -
Coverage will increase to $20mn per building.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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The organization was hoping to grow its reinsurance cover.
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The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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The spillover impact from the LA wildfires will play a major role in how much reinsurance capacity will be available.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Many cedants secured aggregate and subsequent coverage at 1 January.
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Abundant capacity was driven by reinsurers’ retained earnings after two profitable years.
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Attachment points are unlikely to return to pre-correction levels any time soon.
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An 11th-hour softening has driven discounts into double-digit territory on some deals.
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In property, Canada, Central and Eastern Europe and UAE renewals were impacted by losses.
Related
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Guy Carp puts 1.1 cat rate reductions at 5%-15%
December 30, 2024 -
US casualty treaty 1.1 renewals ‘much less challenging’ than expected
December 23, 2024 -
Reinsurers drive 1.1 rates down as they grab for well-rated US cat
December 16, 2024 -
Conduit targets specialty as classes that ‘pay their way’
November 06, 2024