The credit rating agency revised the outlook from stable to negative, citing concerns over domestic insurers' increased exposure to NatCats due to reinsurance access difficulties.
Nat Re's investment income declined in 2022, but the national reinsurer has strong connections with local cedants and the ability to tap into mandatory cessions.
The Australian insurer renewed its 2.5% whole-of-account quota share arrangement with Hannover Re, marking the completion of all four of its reinsurance arrangements with global reinsurers.
