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Guy Carp has been rebuilding its marine and energy team after a major Willis Re team lift. -
The capacity backs the reinsurance underwriter to cover international risks outside the US.
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The specialty reinsurance market is experiencing high competition and staff turnover.
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It is understood the marine reinsurance programme renewed largely flat.
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Canopius relinquished its lead on the placement in the run-up to the 1 January renewal.
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The renewal was characterised by abundant capacity and strong competition.
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The market was unphased by January’s record wildfire loss in Los Angeles.
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Non-loss impacted major property program rates were down by up to 20% at the renewal period.
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Price has become a key differentiator in marine and energy.
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The market is conceding some ground on wordings, after a tightening of conditions post-Ukraine.
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The carrier is understood to have had a significant line size on the slip.
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The Caymans-based reinsurer’s Q3 CoR was 86.6%, down 9.3 points YoY.
