Posts by Artemis Team, Author at Artemis.bm

The recent April reinsurance renewals season has provided further details on 2022 pricing trends and reinsurers’ catastrophe risk exposure profile, which has led Moody’s to believe that property catastrophe reinsurance pricing still has room to go higher.

The upward trajectory of rates on line will continue at the January 1st 2022 reinsurance renewals, including European accounts hit by losses this year, according to Sven Althoff, executive board member at Hannover Re.

There is a clear and ongoing ‘flight to quality’ where ILS funds are concerned, according to Dirk Lohmann, Chairman and Flavio Matter, Head of Origination, ILS, at Schroders Capital.

Hurricane Ida “reminds us that the strength and trajectory is what is important when it comes to hurricanes” and that “there is always a lot to learn from every event”. This is according to Luca Albertini, CEO of London-headquartered Leadenhall Capital Partners LLP, a subsidiary of MS Amlin.

Hurricane Ida is a completely different kind of loss to Hurricane Katrina, because there was no element of surprise when the category 4 storm ploughed into the Louisiana coastline on 29 August, 16 years after Katrina. This is according to Matt FitzGerald, managing partner at Gallagher Re.

There is a need for further rate adequacy at the upcoming 1 January renewals following a series of major natural catastrophe losses so far in 2021 and a high frequency and severity of claims in certain casualty classes of business.

The COVID-crisis is “game-changing”, according to Hannover Re executive board member Sven Althoff. He compared it to events like 9/11 and Hurricanes Katrina, Rita and Wilma in 2005 in the impact it was having on the reinsurance cycle.

The fact that it is primarily private equity capital looking to replenish the reinsurance industry’s coffers is unlikely to dampen the effects of rate hardening in the near term, according to Luca Albertini, chief executive of Leadenhall Capital Partners LLP.

The backing of newcos and recapitalising of existing re/insurers by private equity is a return to more traditional practices, thinks Rupert Swallow, CEO of newly rebranded Gallagher Re.

The global pandemic is accelerating the hard reinsurance market, according to Jean-Paul Conoscente, chief executive officer of SCOR Global P&C.