After a challenging 2022, Peak Re is in good shape

When Piotr Nowakowski took the role of chief underwriting officer at  Peak Re just over 12 months ago, little did the industry know that it was heading for one of the most challenging year-end renewals in decades. A combination of capacity destruction due to heavy claims, a dislocated retro market and increasing uncertainty over the impact of climate change meant very challenging and last-minute negotiations.

“The reinsurance industry has always been challenging, but 2022 stands out as the year when multiple crises converged and impacted the industry. However, we have come through it and, as an industry, demonstrated our resilience,” Nowakowski says.