Rating agency's shift reflects a market inflection point where record US$660bn in capital has restored buyer leverage and eroded the pricing power reinsurers enjoyed during the recent hard market.
Narrowing of the global protection gap was driven by heavy insured losses in the U.S. where insurance penetration reached 81%, but APAC disasters saw less than 10% of losses covered.
AUB Group said its board viewed the A$45 per share offer as fair but confirmed talks ended after PE firms declined to make a binding offer at the proposed valuation.
