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The CEOs of Aon Reinsurance Solutions, Willis Re and TigerRisk predict limited rate gains, but up to $10bn of incoming capital.
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A much harder retro market is driving reinsurance price increases.
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Having fuelled up on retro to grow, some carriers may need to focus on managing net exposures.
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The retro space is expected to move towards named peril covers as rates approach post-Hurricane Katrina levels. -
The market is also interested in more liquid cat bonds, the reinsurer said at a press conference on Monday.
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The release from side pockets will be paid to the company in October.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
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Earlier this month, we recapped some of the issues causing rising tensions in the retro market, where providers are pushing for release of capital trapped in connection to Covid-19 claims.
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The P&C business posted a EUR167.9mn underwriting deficit on EUR380mn in Covid-19-related losses.
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With the fundraising season approaching, tensions are rising over several points of dispute.
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CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
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Following two decades at Aon Benfield, he will join Lockton sometime next year after his gardening leave.
