Treaty Reinsurance

The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.

The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.

The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.

Inside P&C’s news team runs you through the key developments from the last week.

The broker and ratings agency AM Best said total deployed capital grew 2.7% in 2021.

The broker’s property cat RoL index jumped by almost 11% as capacity was more constrained for retrocessional and frequency-exposed property treaties.

Property deals got done with rate uplifts, private placements and buyers leveraging profitable long-tail lines deals, but many reinsurers were disappointed by the overall scale of improvement in property.

The company also completed this year its first significant casualty placement, a European cedent placement and several loss-making renewals.

Deals for CNA, Zurich, AIG, Sompo and Axa XL highlight the intense demand among reinsurers for casualty and professional liability pro rata business.

The BMS meteorologist said early data indicated “truly historic outbreak”, and that similar events typically cost the industry in the low-single digit billions of dollars.

Aon’s cyber chief said capacity will be available to insurers who perform well on profitability, rate change and underwriting strategy.

Inside P&C’S news team runs you quickly through the key developments from the last week.