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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season. -
DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
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Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market.
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Proposed RAP coverage layer adds protection and exposures for insurers.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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The Gallagher Re managing director of EMEA North and East said buyers need to be able to explain their stance on handling inflation, going beyond price to include action on their own underlying limits and deductibles, to get reinsurers on board.
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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Wind XoL rate increases are tapering off, while cedants push for commission increases on quake quota-shares.
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Scor said it had purchased the same retro limit as it had last year while managing “contained” price increases, as it cut back its catastrophe exposures.
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RenaissanceRe had raised $470mn for the high-risk fund platform a year earlier.
