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As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers. -
Pricing was generally stable but investors are showing more aversion to specific climate-exposed perils, sources noted.
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The shortage of sidecar capacity could have a knock-on impact to broader renewals.
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Personnel turnover and ongoing redevelopment into new areas were the notable themes of the past 12 months.
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1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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The topic of quota-share support is becoming all the more crucial because supply is shrinking at the same time as demand is rising.
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Nearly three months on, the event still seems heavily stacked towards residential claims.
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ILS Capital described it as “the ultimate short-tail risk” but noted structural and sourcing challenges for ILS writers.
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The retro renewals are barely underway, as a challenging fundraising environment and queries over loss experience has delayed the typical pace of progress.
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Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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Sidecars have lost some of their lustre in recent years but are still generally seen as an efficient diversifier.
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Re-allocation of capital rather than true growth seems to be a more likely outcome for the sector in the near term.
