UK motor XoL rates double post-Ogden change: Benchimol

UK motor excess-of-loss (XoL) treaties saw rate increases of
over 100 percent at 1 April following the change to the Odgen
discount rate, according to Axis Capital CEO Albert Benchimol.
Discussing first quarter results with analysts yesterday,
Benchimol said the UK government's decision to change the
bodily injury discount rate to minus 0.75 percent from 2.50 percent
had meant many renewal discussions scheduled for 1 April had been
pushed back to 1 May.
"The few reinsurance XoL treaties that did