Rates
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The carrier aims to regain its role as insurer of last resort after “unsustainable” customer growth. -
The Singapore-based cat bond deal offers a 400 bps spread 16% below the carrier's initial target.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The Credit Suisse-managed firms will stop underwriting new business as of 1 January.
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Cat events in 2017 and 2018 were a significant test of alternative capital.
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Cedants and reinsurers perform a "slow dance" around pandemic losses, with claims negotiations deferred beyond renewal.
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Scor sought higher-priced agg cover, but Munich Re achieved below-average uplift on its occurrence treaty.
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The ratings agency cites the “significant support” provided by parent Axa as well as divisional restructuring moves.
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The German carrier says P&C gross written premiums expanded 3% to $27.3bn in the period.
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Q4 issuance will likely be robust owing to new investors and increased allocations, the CEO said.
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The carrier says higher retro renewal costs will act as a counterweight to rising rates.
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The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
