There has been falling excitement from reinsurers in the US trucking and transportation treaties market creating a difficult placement market for brokers.
It has been reported that reinsurers have scaled back from the “wheels” space particularly when new treaties are bought to market. These carriers are thought to include Third Point Re and Tokio Millennium Re (TMR), while PartnerRe is also believed to have significantly cut the size of its book over the last couple of years.
Third Point Re is understood to have come off a number of deals after parting company with Tony Urban and Shane Haverstick last September, with the duo currently working on a start-up venture.
Aon is understood to have let other reinsurers know that Third Point Re was expecting to reduce its shares on the programme or look to exit, presenting a "credible" opportunity for another parties to support it at a point when market conditions are hardening.