Industry underwriting profits jumped 34% year-on-year as property lines recovered from catastrophe losses, while cyber led premium growth and motor remained profitable.
Low insurance take-up should cap insured losses, but the event may add scrutiny to the net retention strategy cedents have pursued in response to rising reinsurance costs.
Amid Japanese regulatory resistance to reinsurance deals, Apollo is weighing deals for Japanese life units as it looks to deepen its presence through direct underwriting.
