Chubb CEO says 'naive capacity' entering casualty lines

Chubb chief executive Evan Greenberg said on the insurer’s third-quarter earnings call that “naive capacity” is entering casualty lines through sidecars, broker facilities and investor-backed managing general agents as property pricing pressure spreads.

W.R. Berkley’s casualty reinsurance net premiums written fell 25% to $144.2m from $192.7m in the third quarter, and management guided to roughly another 10% to 20% decline.

Hurricane Isaias is the only Atlantic hurricane of 2026, with insured losses up to $4.5bn, and ACE through October 14 ran at 18 against a 123 full-season average, according to Lloyd’s Market Association’s Matthew Bellamy. That leaves property reinsurers with an unusually light loss season.

Bermuda insurance-related registrations rose 18.6%, and Class E long-term vehicles tripled to nine from three, according to BMA figures. The registration increase indicates market participants are setting up new structures, including long-term vehicles that could hold casualty risk.