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4 October 2022 Insurance

Incline intends to press ahead with strong growth plans, despite economic concerns

The current reinsurance market is one of the hardest the market has seen in recent years, due to a complex set of factors—and Hurricane Ian, which hit Florida and South Carolina last week, will only make things worse.

That is according to Christopher McClellan (pictured), president and chief executive of Incline Insurance Group. “This is one of the hardest markets we’ve seen in the past few years,” McClellan told Intelligent Insurer.

“It has really tightened up and I don’t think Hurricane Ian’s going to help with that, especially in the catastrophe area.”

He said the insurance markets have short memories of such markets and what triggers them.

“All our memories tend to be short-term,” McClellan stressed. “After 2007/08, after 2001, we saw reinsurance rates increase and certain capacity decrease. In the P&C market, catastrophe rates are going up and that naturally creates challenges for the primary market.”

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