Rates
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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.
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Property insurance rates are rising by high single digits to 15% on clean accounts.
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The carrier is legally obligated to sell cover at “actuarially sound rates”.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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Quarterly report reveals that bond prices went “sideways” in Q4, but market remains hard.
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Second- and third-event retentions rise from the year-ago arrangement.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results.
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The carrier aims to regain its role as insurer of last resort after “unsustainable” customer growth.
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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.
