Property Risks had a highly successful year as we leant into the opportunity that the turn in the market rating environment offered. As a result, we increased our IWP to $1,351.9m from $823.2m the previous year, or 64% growth and a rate increase of 22%.
Bringing together our direct and reinsurance Property underwriting, the division gives strategic insight of both site level insights and high-level trends, delivering a bird’s eye view of property market dynamics. Business is underwritten around the globe with an emphasis on North American based property risks."
All of the team's underwriting in the US is done in the specialist E&S lines market. Over the last year this market has proven to be an excellent environment for us to operate in as commercial property underwriting has become increasingly complex and volatile.
Against this backdrop, many brokers have shifted their client’s non-standard property programs to this market, which can pivot and adapt to fast changing conditions more effectively than the admitted market, offering access to new clients and business that would previously have been unavailable.
Reinsurance
Our reinsurance (treaty) business also had a successful year with significant rate increases achieved at higher attachment points. As we expected, the US segment of our business experienced the strongest market rating environment.
We have seized the potential of this change in conditions across the property market with enthusiasm.
Bringing together our direct and reinsurance Property underwriting, the division gives strategic insight of both site level insights and high-level trends, delivering a bird’s eye view of property market dynamics. Business is underwritten around the globe with an emphasis on North American based property risks."
