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Zurich Insurance may not renew cat treaty if rates are too high

Posted On: Nov. 11, 2022 9:13 AM CST

George Quinn, chief financial officer at Zurich Insurance Group Ltd., said that if the reinsurance market hardens considerably, the insurer might opt to retain more risk and not renew its catastrophe aggregate treaty, Artemis reported. Zurich Insurance incurred a $550 million loss from Hurricane Ian – a figure that is below the insurer’s reinsurance attachment point.