Reinsurance

Reinsurance allows a primary carrier to pass, or cede, a portion of its liabilities onto another company.

Reinsurers' premium growth was mostly driven by rate increases and not exposure growth during 2022, according to AM Best.

Reinsurance, which is essentially insurance for insurers, helps drive the catastrophe-prone Florida insurance system.

Property catastrophe reinsurance was the most challenging segment of the market during the recent renewal season.

Following closing, Re Solutions CEO Asaf Grinstein will become CEO of Guy Carpenter Israel.

Growing construction costs, increasing catastrophe exposure and a difficult reinsurance market led to the decision, according to the company.