Rates

The market has reached the stage of price hardening at which clients will challenge brokers and carriers on continuing increases, according to Aon president Eric Andersen. 

Christopher Swift says more rate is needed in some areas including the London market and certain excess lines.

Assets under management at the sidecar rose 12.5% year-on-year to $900mn by the start of 2021

The carrier predicts Covid’s reinsurance impact will drive market hardening.

The carrier maintains its 2021 profit forecast amid 8.5% 1 January premium growth.

The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.

Property insurance rates are rising by high single digits to 15% on clean accounts.

The carrier is legally obligated to sell cover at “actuarially sound rates”.

US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.

Quarterly report reveals that bond prices went “sideways” in Q4, but market remains hard.

Second- and third-event retentions rise from the year-ago arrangement.

Defence costs are expected to remain elevated, as weather losses have also weighed on results.