A group of 56 Florida homeowners' insurers reported a $407mn aggregate underwriting loss for 2017, equivalent to a 10.4 percent average hit to year-end 2016 surplus.
The $70bn gap between reported third quarter cat losses and industry loss estimates can be largely accounted for by (re)insurers and alternative markets that have not disclosed their losses, according to Morgan Stanley analysts
ILS funds are moving closer to the original risk in response to unmet demand for peak zone protection, rather than a desire to compete with insurer clients, according to Nephila managing principal Barney Schauble.
UPC Insurance will use Promissum Re to augment rather than replace existing relationships with ILS funds as it looks to make greater use of the sidecar in the coming years, according to the Florida-based insurer's CEO John Forney.
