January 22, 2025
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The agency cited falling property rates and US casualty challenges. -
It is understood that Salcedo will join Aon as P&C treaty head for Colombia and Ecuador.
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One avenue for capital freed up by a softer-than-expected renewal could be more M&A.
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The market was unphased by January’s record wildfire loss in Los Angeles.
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Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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The pricing battle has been played out but the extent of new demand will only show up in 2026.
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Several lines had price decreases, while growth in most sectors slowed from previous quarters.
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Fontana 2.0 will encompass a more flexible investment strategy than the 2022 vehicle.
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The Caymans-based reinsurer’s Q3 CoR was 86.6%, down 9.3 points YoY.
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The Bermuda carrier brought a winding-up petition earlier in October.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The appointments are aimed at offering a clearer team structure.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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Reinsurer executives during a Aon reinsurer panel stressed that the industry worked hard on setting the right structure.
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Sources said that the carrier has held preliminary talks with private debt investors.
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The fundraising focus comes after it was acquired by The Baldwin Group in Q1.
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Reinsurers and their cedants are feeling their books are in better shape, although the market is still uneven.
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Rates will remain elevated in a period of structurally higher risk premia.
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Supply for property outstrips demand, but the casualty market is “bifurcated”.
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The CEO said the carrier will prioritise margin over top-line growth.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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The executive left Lockton Re in June after almost six years.
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Laure Forgeron has worked at the Swiss carrier since 2009 in numerous senior positions.
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The changes affect operations in Switzerland, Bermuda and the US.
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The broker built out Lockton Re’s US casualty and professional lines treaty book.
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The firm expects to replace the volume with Innovations-channel business.
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Hamilton also expects rising demand and stable supply for June 1 renewals.
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Jack Kuhn, President of Westfield Specialty, discusses the shifting market cycles and changing landscape at RISKWORLD 2025.
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The reinsurer also promoted Ethan Allen to chief program officer.
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The only major product line to see rate increases was casualty.
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The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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The executive has managed both casualty and personal lines reinsurance books.
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The executive was Everest CEO from 1994 to 2013 and has served as board chair since 1994.
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Instead, the reinsurer plans to write more casualty business through its innovations book.
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Industry sources estimate the market to be around $3bn.
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The firm projects losses from the fires at between $160mn-$190mn.
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