Casualty/GL

The broker said global cat rates rose 3% in the 1 January reinsurance renewals.

Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.

Fish Bond Re will provide coverage for any named storm in Texas on an indemnity, per-occurrence basis.

The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.

The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.

The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.

The reinsurer said hardening of property reinsurance conditions must continue.

Mallen previously spent over 10 years at Chaucer, most recently as a US casualty reinsurance underwriter.

The sidecar has been launched alongside partner Stone Point Credit Adviser.

CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.

The transaction covered a portfolio of $250mn in casualty risk premiums.

The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.