Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, expects the re/insurer’s aviation portfolio to grow by the year end.
“We’re overall pretty confident that we’ll be able to grow our aviation portfolio at the end of the year,” Maloney said in Lancashire’s recent first-quarter earnings call.
He explained that in April, the carrier made decent progress, but the aviation industry is unpredictable, and therefore growth prospects depend on market conditions, which can either positively or negatively impact the growth trajectory.
Speaking on the April renewals outside of aviation, Paul Gregory, Group Chief Underwriting Officer (CUO), said that “the big renewal at 1/4 is obviously Japan.”
“Our expectation in Japan was likely to be at the lower end, albeit still strong. From our perspective Japan’s renewal is probably slightly better than expected and from a client’s perspective, probably worse than they expected.”
“But as always with Japan, it was a very orderly renewal… we’re very happy with the result there,” said Gregory.
“In general, we’re really happy with where the right momentum is across pretty much all our lines on the cat reinsurance portfolio,” Gregory noted.
Looking ahead to the mid-year renewals, Maloney noted that: “The middle of the year are things like Florida, for example. I’m not even going to begin to predict what Florida is going to do. We don’t usually know even a week before renewal. But you know that’s another moving part.”
