Don鈥檛 have your head in the sand - Syndicates to assess reinsurance assumptions
Lloyd鈥檚 managing agents have been asked to examine their outward reinsurance assumptions due to concerns around rapidly changing market conditions. Patrick Tiernan, Lloyd鈥檚 Chief of Markets, said, 鈥榌underwriters] can鈥檛 go around with their heads in the sand鈥.
Lloyd鈥檚 will maintain a close watch on the availability, structure, pricing and terms of upcoming placements in property and certain specialty classes. Tiernan went on to say, 鈥榚xperience tells us to judge the deals that are bound and not the warnings sounded, but at the same time we can鈥檛 go around with our heads in the sand鈥ur expectation is that managing agents consider the feasibility of their planned reinsurance strategy with a reassessment of risk appetite, underwriting strategy and capital if [reinsurance] placement differs from plan鈥.
Lloyd鈥檚 has also recognised that hardening reinsurance market conditions present further opportunities, as a quarter of all of Lloyd鈥檚 GWP is ceded to reinsurers. Tiernan reiterated that Lloyd鈥檚 is looking to actively support those market participants who are looking to take advantage of these new opportunities, through the flexible catastrophe risk appetite capital requirements.
The above all feed into Lloyd鈥檚 overall focus on maintaining sustainable, profitable performance for the market.
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