Mid-year renewal offers glimpse of strategies of Big 4 reinsurers
While continued firming market conditions were evident at the mid-year renewal for all, the outcomes for the Big 4 European reinsurers—Munich Re, Swiss Re, Hannover Re and SCOR—did diverge, offering a glimpse into their different approaches, says a report by Litmus Analysis, an advisory firm specialising in ratings and credit risk.
The report, “Reinsurance Renewal Round-up Mid-year 2023”, examined the P&C treaty renewals of the Big 4. Some 40 percent of global P&C reinsurance premiums flow through these four companies, thus representing a bellwether for the market. The sector is dominated by business from North America and Asia-Pacific and nat cat business is an important feature.
The report notes that, while continued firming market conditions were evident, Munich Re and Swiss Re took a more cautious approach, with renewed premium volumes declining by 2 percent and 8 percent, respectively.
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