In this article from The Insurer concurrent with the 2023 Monte Carlo Rendez Vous, James Boyce, CEO of Global Specialties, indicated that the non-marine retro market has experienced a period of “significant rate hardening” in recent years.
“However, greater price stability was witnessed between January 1, 2023 and the mid-year renewals,” James continued. “The mid-year placements also saw movement on minimum rate on line levels and greater reinsurer willingness to deploy capacity at lower rates.”
Richard Morgan, Head of Non-Marine Specialties, added that buyers looking to optimize retrocessional strategies in 2024 will need to navigate the widest potential pool of capacity or capital providers.
“Current hard market dynamics, when expected margins look positive, create the right time for buyers to develop extensive relationships across both the traditional and alternative markets in order to create competitive tension not just for the January 1, 2024 negotiations, but through the wider market cycle,” Richard explained.