The reinsurer is projected to "maintain prudent underwriting discipline" amid softening reinsurance market conditions, according to the ratings agency.
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.
Responding to Queensland's proposal for a mutual insurer, Andrew Hall says a national flood risk pooling scheme and large-scale mitigation investment are needed to fix Australia's insurance affordability...
