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The agency cited falling property rates and US casualty challenges. -
It is understood that Salcedo will join Aon as P&C treaty head for Colombia and Ecuador.
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Fresh from a deal with QBE Re, the investment firm discusses drivers of casualty ILS growth.
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The sidecar has backing from Culpeper Capital Partners, Calidris Investment Partners and Compre.
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The renewal was characterised by abundant capacity and strong competition.
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The market was unphased by January’s record wildfire loss in Los Angeles.
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Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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The pricing battle has been played out but the extent of new demand will only show up in 2026.
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Fontana 2.0 will encompass a more flexible investment strategy than the 2022 vehicle.
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After a challenging period, the industry is now earning above its cost of capital.
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The executive said that outside of property cat, renewals will be “relatively stable”.
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The Caymans-based reinsurer’s Q3 CoR was 86.6%, down 9.3 points YoY.
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The Bermuda carrier brought a winding-up petition earlier in October.
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The company’s stock fell nearly 9% as the market digested news of an ADC, renewal rights deal and reserve charge.
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The appointments are aimed at offering a clearer team structure.
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Reinsurers are willing to concede on pricing, while cyber interest is on the rise.
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The two lines will add £11mn in planned premium.
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The reinsurer stressed it “did not shy” from cat business in 2023.
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Class actions and third-party litigation funding will drive up losses.
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In July, he took the role on interim basis from Laure Forgeron.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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The facility will initially focus on US, Bermudian and European business.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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Inigo executives told Insurance Insider last year they were weighing up the casualty treaty market.
