Treaty Reinsurance

The Californian insurer said rising reinsurance costs were digestible.

The ratings agency predicts an aggregate 2020 combined ratio of between 101 percent and 105 percent, and possibly higher.

The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.

Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.

Citizens plans to source $1.4bn of reinsurance limit for its coastal account, up from $1.27bn last year, as more of its multi-year cover elapses.

The broker says shareholders’ equity fell by 6 percent on average in Q1.

Isaac Espinoza will also be tasked with exploring possibilities of Root writing reinsurance or retro business.

Euler Hermes, Atradius and Coface collaborate with state agency Export Development Canada.

On earnings calls, executives at the major reinsurance underwriters signaled a greater likelihood that losses on the sector would be contained, offering a juxtaposition to primary and retro markets.

The executive says carriers have not underwritten or priced for statutory developments.

Reinsurers lift price expectations while cedants come to market ready to make concessions.

The insurer added $121mn to its catastrophe treaty, covering it for up to $5bn of losses.