Property
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Limited new inflows supported the collateralised and sidecar markets as cat bond offerings attracted significant capital. -
The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.
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The broker forecast that this hard market may be more akin to the “discriminate and relatively short-lived" phase following 2005.
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Capacity was constrained but some ILS funds were able to grow, while cat bonds also propped up supply.
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The new vehicle gives third-party investors access to Premia’s run-off investments.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results.
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Tougher positioning by reinsurers at the 1.1 renewal accelerated the practice of placing business at differentiated terms, Irvan said.
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The three reinsurers take ABIR’s membership to nearly 30.
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A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
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Other key hires include Marc Bearman as head of specialty for marine and energy and Andrew Smith as CRO.
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The carrier aims to regain its role as insurer of last resort after “unsustainable” customer growth.
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
