Casualty

Berkley CEO: Industry still has “lot of pain” to come from 2016-2019 period

WR Berkley’s Rob Berkley has suggested the 2016 to 2019 period will still cause “a lot of pain” for the industry, while the executive also expects “good news” on more recent casualty years and suggested property reinsurance pricing is likely to erode next year.

Amwins: Attention shifting to casualty trends as property shows “signs of softening”

Amwins has said in its latest state of the market report that buying conditions in US property are improving, with the segment showing “signs of softening”, while carriers are growing increasingly cautious in casualty over deteriorating loss trends.

WTW: Casualty carriers to seek higher rate increases while new capacity may enter property market

The property segment’s efforts to lean into the hard market may be counteracted by new capacity, while the moderate rate environment in the casualty market “could be pushed into harder conditions”, WTW has forecast in its new ‘Insurance Marketplace Realities’ 2024 report.

Focus on casualty sharpens in Q3 earnings commentary

The CEOs of leading US-listed property casualty insurers had a heightened focus on casualty losses and reserves on Q3 earnings calls amid rising loss costs and a hardening reinsurance market.

Everest execs bullish on further property and casualty re improvements at 1.1

Everest is adamant that US property reinsurance rates will maintain their upwards trajectory as the sector continues to contend with rising loss costs along with a supply and demand imbalance – but growing concern over casualty trends means further ceding commission cuts are required.

Swiss Re’s Dacey refuses to rule out further hikes to US casualty reserves

Swiss Re group CFO John Dacey has said reserve strengthening in the firm’s casualty reinsurance business reflected a view that losses within the portfolio may be “worse than we might have expected”, while the executive refused to rule out further strengthening into 2024.

Casualty in focus as concern over reserves and loss trends mounts

If the lead-up to 1 January 2023 renewals was dominated by dislocation in the property cat market, then the fall conference season this year has seen US casualty emerge as the major theme, as reinsurers and cedants jockey for position over shared concerns around loss cost trends and reserve deterioration.

Munich Re’s Winter: Flight to quality in property and casualty amid structural shift in market

There will be a flight to quality for reinsurance buyers and sellers at 1.1 across both property and casualty, with structural change in the cat market shifting the supply curve and a focus in casualty on quality of cedant rather than cutting ceding commission alone, according to Munich Re’s Marcus Winter.

Swiss Re beats with 9M CR of 94.3% but adds again to US casualty reserves

Swiss Re delivered a P&C reinsurance combined ratio of 94.3 percent in the first nine months of 2023 – an improvement of 11.8 percentage points year on year – with the unit's net income coming in ahead of analyst expectations despite “significant” reserve strengthening in its US casualty book.

Zaffino: AIG actions have positioned insurer to take advantage of casualty opportunities

The portfolio remediation strategy executed by AIG over the last few years – including dramatic limit shortening – along with its use of reinsurance have put the insurer in a strong position to “prudently” take advantage of opportunities in the current casualty marketplace, according to group CEO Peter Zaffino.

BHSI promotes Regan to head of casualty in Ireland

Berkshire Hathaway Specialty Insurance has promoted Donagh Regan to head of casualty in Ireland.

Everest’s Andrade doesn’t expect attachment points to come back down at 1.1

Everest executives have touted the significant drop in the firm’s third quarter cat losses despite elevated activity during the period, with the group benefiting from higher attachment points on property cat deals which are not expected to reverse at 1.1.

Greenberg: Adverse loss trends in casualty “old” news as Chubb takes $55mn Q3 charge

Evan Greenberg has commented on industry perceptions of under-reserving in casualty, calling the topic of adverse loss trends “old” news, as his firm also disclosed a $55mn reserve charge in Q3 connected to long-tail lines business.

Scor’s Léger: Reinsurers must address casualty issues next

While reinsurers have built back some credibility on nat cat, they must address the issues affecting casualty classes, including social inflation, in order to build market trust, according to Scor CEO Thierry Léger.

Europe not immune from US casualty drivers but more stable 1.1 expected

A number of reinsurers at Baden-Baden this week have begun taking a position on European casualty treaty as they highlight social inflation concerns, but the consensus so far is that the 1.1 renewal on the Continent will be far more stable than the shift expected in a hardening US liability market.

Energy focused Everen Specialty’s outlook revised to negative by AM Best

Everen Specialty – formerly Oil Casualty Insurance Ltd – has had its outlook revised from stable to negative in response to what AM Best said is the energy specialist’s “declining risk-adjusted capitalisation”.

Swiss Re’s Steinmann: Nat cat losses to grow by 5-7% every year

Insured losses from natural catastrophe events are expected to grow by 5-7 percent every year, according to Swiss Re’s head of P&C reinsurance for Northern, Central and Eastern Europe Thorsten Steinmann.

KBW: Swiss Re losing ~$2bn a year on casualty reinsurance

Swiss Re may utilise some of its unused nat cat budget to strengthen casualty reserves when it reports Q3 results on 3 November, KBW’s Darius Satkauskas has predicted.

Axis and Stone Point launch casualty-focused collateralised reinsurer Monarch Point Re

Axis Capital has partnered with Stone Point Credit Adviser to launch a new collateralised reinsurer called Monarch Point Re, which will underwrite a book of casualty business retroceded by subsidiaries of the Bermudian business, and which will be led by former Montpelier Re CEO Christopher Harris.

Aon leads casualty bench strength but Marsh’s Brian Stuart takes top individual ranking

Aon has retained its position as the bench strength leader for casualty in this year’s London’s Leading Brokers Report, while also leading the cyber class, The Insurer can reveal.

Region

Topics

Events & Conferences

Content Types