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The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal. -
The executive says pricing increases in lines such as property and GL during the quarter were less pronounced.
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Big ticket commercial insurance rates rose 22% in Q4 overall, Marsh data shows.
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Property insurance rates are rising by high single digits to 15% on clean accounts.
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The carrier is legally obligated to sell cover at “actuarially sound rates”.
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The California-headquartered broker says pricing for firms with revenue of up to $1bn may rise by between 10% and 25%.
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The flood insurer cut just under $200mn of limit from its renewal, enabling it to pare back its outlay, although nominal programme-wide rates rose 13%.
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More competitive pricing than expected brings into focus trade-offs around retaining more risk going forward.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results.
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The insurer is also said to have scaled back its cession percentage to between 25%-30%, with final signings still being determined.
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The ratings agency has affirmed the reinsurer’s financial strength and long-term ICR ratings while flagging underwriting concerns.
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