Things can only get better: “chaos” at mid-year renewals


Things can only get better: “chaos” at mid-year renewals

US Renewals Panel (L to R), David Thomas, Specialist Risk International, Sarah Morgan, Ariel Re and Gary Lill, IQUW

Florida insurance failures and last-minute legislative changes put re/insurers in disarray at the 1/6 renewals. The result was the worst chaos and capacity crunch seen in years, according to Ariel Re.

It was never going to be easy. As Ariel Re’s vice president of property reinsurance Sarah Morgan (pictured, centre) told Intelligent Insurer, those going into the US mid-year renewals recognised that after years of softening from 2013 onwards, the tide had turned in the last few renewals.

“We knew going in that it would be a hard market,” said Morgan. “But we didn’t expect how hard it would become.”

In fact, it was extremely hard, and the renewals were almost unprecedented. “The June 1 renewal was one of the most challenging we’ve ever faced,” she said.

Ariel Re, Specialist Risk International, IQUW, US Renewals, June 1, David Thomas, Sarah Morgan, Gary Lill, Florida, North America, Insurance, Reinsurance

Intelligent Insurer