Hurricane
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Premiums ceded to the ILS vehicle increased by 76% to $433mn. -
The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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This came as the market’s underwriting profit dipped 10% for 2024.
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The CEO expects to see a larger shift between condos and apartments in 2026 and 2027.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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ILS is delivering “a growing contribution” to the group, according to CEO Cloutier.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4.
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Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally.
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Several Florida start-ups are poised to begin writing business this year.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
