Breakingviews - Reinsurers’ lean years will trigger M&A; wave [Reuters]
ASPEN INSURANCE HOLDINGS (AHL)
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Source: Reuters
Breakingviews - Reinsurers’ lean years will trigger M&A; wave | Reuters 2 Min Read LONDON (Reuters Breakingviews) - Reinsurers are facing a perfect storm of higher losses and lower margins. The answer is likely to be a wave of dealmaking. Insurers are still recovering from the worst year on record for catastrophe losses. In 2017, hurricanes Harvey, Irma, Maria and other perils caused $135 billion of damage, according to Munich Re. Florence, which has caused flooding in North and South Carolina, is expected to cost a further $20 billion, and comes after wildfires across the globe, and alongside Typhoon Mangkhut in Asia. Global warming may mean higher losses are here to stay. Losses have been nearly double the 10-year average in two of the last seven years, according to Aon. In the past, a surge of claims led to higher prices as losses forced weaker players to cut risk, and the stronger or lucky ones to jack up premium rates. Yet premiums rose by just 0 percent to 5 percent in 2018. Fit
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