According to its report, non-loss-impacted property catastrophe renewals also saw notable reductions in the risk-adjusted reinsurance rate at January 1, with the rate reductions ranging from 5% to 15%. The reductions in rates, as well as additional capacity, reflected strong reinsurer appetite, which was driven by several factors, such as 2024 being a profitable year due to projected average returns on equity of 17.3%.
Specialty reinsurance in marine and energy, cyber, aviation and war, political violence, and terrorism lines benefitted from the strength of the results seen in underlying portfolios and ample capacity. However, the trade credit and political risk market were still facing capacity restraints as renewals saw modest changes to pricing and terms in excess-of-loss and pro rata programmes.
When it comes to the specialty market, there were changes seen in aviation, cyber, marine, energy, mortgage, credit and surety, and political violence and terror. The improvements in trading conditions and capacity gave buyers more power to negotiate but significant claims may impact previous reinsurance results and trading balances. This can limit the possible impact of supply and demand on pricing and terms.
Before joining Lockton Re, Veau spent 22 years at Aon, where she played a central role in the Strategic Advisory arm of the Capital Advisory team. Her focus included optimizing capital structures, navigating regulatory complexities, and advising on rating agency processes.
The roundtable will be the first of 14 Monday evening sessions in the “Special Topics in Insurance” course. Topics for the program include climate change, catastrophe reinsurance, cyber risk, captive insurance, collateralized reinsurance, life insurance, Bermuda’s ties to the Lloyd’s of London market, artificial intelligence, regulation, careers in re/insurance, diversity, equity, and inclusion, and runoff insurance.
This marks a turnaround from a net loss of US$802 million, or US$2.23 per share, in the same quarter last year. The company’s after-tax adjusted operating income was US$1.26 billion, or US$3.48 per share, down slightly from US$1.33 billion, or US$3.62 per share, in the prior-year quarter.
“We are pleased to complete this transaction, which simplifies DARAG’s operations. It allows the group to focus on its core European business, and brings additional capital to execute a strong pipeline of European transactions, several of which are in advanced stages of negotiation,” Booth said.
NorthStandard provided details of rate adjustments for the 2025/26 policy year. Rates for persistent oil tankers have been set at US$0.625 per gross tonnage, reflecting a 1.5% increase. Clean tankers will see rates of US$0.433 per gross tonnage, up 8.9%, while dry cargo vessels will pay US$0.605 per gross tonnage, representing a 3.3% rise.
Across Aviva’s North region, the team encounters a broad array of sector types, notably industrial, manufacturing, and motor trade, where Aviva has strengthened its knowledge appetite and capacity. Flannery noted that these markets, while not entirely unique to northern England, Scotland, and Northern Ireland, require a deeper understanding given the local context.
“Our big, lofty, audacious goal is that when we save £1 – through a combination of good insurance, good risk management, good claims management, tackling fraud etc. – and we add up all those pounds, that means a client can employ more teachers, more police officers, more social workers, more elderly care support staff,” he said. “Every pound we can save them is public money which they have the ability to reinvest into frontline services. That’s our drive, that’s our mission, and that’s what we come into work every day to do.”
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