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Weathering the Reinsurance Reset in the Midwest
In his more than quarter-century career as a reinsurance broker representing the mutual insurance market, the January 1, 2023, property reinsurance renewals stand out in Josh Knapp’s memory as a day of reckoning.
Executive Summary
With crucial help from their reinsurance brokers, embattled mutual insurance carriers are persevering through higher property reinsurance pricing and retentions. Brokers and carriers told the story of the reinsurance reset impacting Midwestern mutuals to veteran insurance journalist Russ Banham.Executive SummaryWith crucial help from their reinsurance brokers, embattled mutual insurance carriers are persevering through higher property reinsurance pricing and retentions. Brokers and carriers told the story of the reinsurance reset impacting Midwestern mutuals to veteran insurance journalist Russ Banham.
“A fundamental shift occurred in reinsurers’ views of severe convective storm risks, the major peril of Midwestern mutuals,” said Knapp, an executive vice president for Gallagher Re.
