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Both pricing and terms improved in most of its core market, with the firm's year-on-year renewal net rate change for 1.1 business estimated to be +5% -
There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The year saw a substantial uptick in natural disaster losses compared with 2020 and 2019.
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ESG, non-catastrophe and rebuilding after personnel changes will be among the themes of the year.
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Pacific Gas and Electric Company told investors in November that it expects to recover $569mn from its insurers on a potential $1.15bn liability relating to the Dixie Fire in California.
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The Australian insurer paid a mid single-digit rate increase for the reinsurance cover.
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The $37.5mn vehicle follows a $42mn launch in 2021.
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The blaze destroyed 1,000 structures and damaged a further 100 in the state’s most destructive wildfire incident.
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The Eurekahedge ILS Advisers Index is showing a positive year-to-date return of 0.65% but private ILS funds continue to lag.
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A heavy snowfall helped to bring the major conflagration under control.
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Many private deals featured in final renewals negotiations as overall cat risk appetite was cut back, with some ILS segments hard-hit.
