Striking a hard bargain: re/insurers react to COVID-19
01-10-2020
‘Don’t call it a hard market' buyers set their stalls out ahead of renewals
14-09-2020
Stephen Catlin, Pool Re
A combination of COVID-19 claims, a massive casualty hole and challenges on the asset side of the balance sheet mean the industry is facing an unprecedented crisis that will lead to an elongated hard market, Stephen Catlin, the CEO of Convex, told Intelligent Insurer.
"The relationships we built during the Catlin era, prior to its sale to XL, have almost ignored what happened in between and come back to us as if nothing had happened."
· The hole in the industry’s balance sheet is far bigger than post-9/11
· Decreasing interest rates present a huge challenge for the asset side
· New capital entering the industry could dampen rates hardening
· As the market hardens “now is the perfect time to be launching a new carrier”
In an exclusive interview with Intelligent Insurer, Stephen Catlin discusses the challenges and opportunities he sees in the current market, and beyond, as well as his stella career.
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Catlin, Convex, casualty, hole, COVID-19, reserving, post 9/11, balance sheet, interest rates, World Trade Center, ILS, capital, Re/insurance Lounge
