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The broker said clients can move fast in a harder market but need time to review quotes. -
Outrigger Re will write a quota share of Ark’s Bermuda property treaty book.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The reinsurer flagged changes will be made to its retro programme in 2023 after cutting its cat book and as the retro market has hardened.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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The carrier also offered assurances on the strength of its reserving to combat inflation.
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The broker-dealer said it would continue focusing on secondary trading activities.
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The reinsurer raised $122mn in Q3, including $100mn for PGGM joint venture Vermeer and $22mn in its cat bond fund.
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The company’s third-party assets dropped $178mn during Q3 to $4.2bn.
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Early reporters emphasised an ongoing demand for structural change.
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The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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The broker is looking to solve the severe capacity crunch for its clients as rising demand meets falling supply.
