Chubb

The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.

The insurer also pushed up its retention by $650mn.

The carrier has also extended the redemption period by three years, to 31 March 2029.

Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.

Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.

The carrier was originally in the market for extra capacity at January 1 before pulling plans.

The CEO said Chubb has ‘never seen better pricing’ on primary property.

O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.

Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.

New demand for reinsurance cover that was expected to come to the market around the January renewals is being reined in as insurers recognise the extent of the hardening market.

Analysts said attachment points are now far behind the rate of inflation over the period.

The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.