Rates

The carrier expanded premium by 8.3% at the January renewal.

There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.

Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.

The firm has been in run-off since late 2020, and another former Credit Suisse affiliate was recently sold to legacy writer Marco.

European loss experience drove the firm’s index back in line with 2014 levels.

Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.

The projections are slightly worse than they were three months ago, as heightened cat losses and Covid-related pressures impact rates.

S&P suggested that an “abrupt rethinking” was a more likely outcome than gradual pricing increases – but a third way is possible if ratings agencies set a glidepath to change.

The Hannover Re subsidiary said the event would incur insured losses in Germany alone of “well in excess” of EUR8bn.

The state body supporting earthquake cover has seen risk transfer requirements swell over the past decade.

Strategic Review Committee chairman Bruce Simberg sets out the challenge ahead for FedNat as natural catastrophes continue to hit southern policyholders.

Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.