Rates
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Cat events in 2017 and 2018 were a significant test of alternative capital. -
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.
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Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
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Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.
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The company has requested state-wide changes to its multi-peril homeowners account.
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The Peter Scales-led vehicle is reunited with the private equity house.
