With Nephila’s market share slightly shrinking, RenaissanceRe and Gen Re moved up the Florida leaderboard.
The main point of concern has been over lawyers' ability to find new ways around the clampdown on the AOB regime that has led more claims to court.
Carriers that wrote more premium include Swiss Re, Munich Re, RenaissanceRe and Everest Re, while Hiscox Re and Axis posted reductions in top line income.
Convex will also seek to tackle the cost of expenses plaguing most carriers across the industry by outsourcing non-underwriting functions “horizontally” with a single partner.
Returns from ILS funds tracked by Trading Risk fell to an average Q1 return of 0.63 percent to 0.65 percent in cat bond and multi-instrument funds.
Reinsurers avoided another lacklustre renewal season with loss-affected business in Japan, the US and the retro market attracting rate rises.
The ILS market has been talking about being on the cusp of making inroads into insurance risks for a few years now.
Both primary and reinsurance segments incurred losses for the ILS syndicates operating at Lloyd’s in 2018.
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