Property

Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.

The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.

The ratings agency said the improvement was a result of “high pricing discipline driving a hard market, rising investment yields and a strong demand for reinsurance protection”.

Radford joins after spending two years at Aon’s Capital Advisory business.

Reinsurance underwriting discipline will not subside even as reinsurers’ willingness to deploy capital increases, the broker said.

The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.

Buyers expect rates to climb by 2.5% to 15%, continuing year-on-year hikes since 2017.

The ratings agency’s survey found that a trend of rising claims is expected to continue, but reinsurance demand is likely to flatten, mostly because of high costs.

The analytics firm said that the majority of insured losses will be attributable to wind.

Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.

Karen Clark & Company said the majority of insured losses will incur from US wind and storm surge damage, apart from just under $5mn which was attributed to winds across the Caribbean.

The ratings agency said there had been no capital inflows through new company formations.