Rates
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The Don Kramer-backed fund's Bermuda reinsurer Prospero Re has been given an A rating. -
Kevin O’Donnell said that several domestic insurers in Florida are now close to exhausting their 2017 treaties.
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Pricing slipped to the lower ends of the guidance ranges as the reinsurer upsized a hurricane tranche of the trade, sources said.
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CEO Mike Sapnar said losses in the last two years have wiped out premiums.
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Pricing dropped 6 percent from the midpoint of the initial range to reach 9.75 percent.
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Aetna Life achieved its lowest coupon ever on the Class A tranche.
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Some reductions in demand might follow as policies change hands, but this will not be a key influence on renewal dynamics.
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Social inflation is not just a Florida issue – it's also top of mind in the casualty market.
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Rates jumped in aerospace after recent costly losses.
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Intermediaries called the renewal “asymmetric” and “divergent” as rates began to move up after a pressured few years.
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Alternative capital made up $60mn of the capacity Tremor priced last year, the company announced.
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The retro transaction priced below the target range, according to sources.
