Casualty/GL
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range. -
The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower.
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The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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The $296mn of reported cat losses were down 31% year on year.
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The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The new classification will allow the carrier to increase GWP and third-party risk.
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Former president Widdicombe has taken the role of chairman, as planned, but won’t serve on any board committee.
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Former Canopius marine treaty head Andrew Gladwin becomes CEO of the British entity.
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