Hurricane
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The “vast majority” of the Irma loss increase would be covered by the Florida Hurricane Catastrophe Fund, CFO Frank Wilcox said. -
First-event cover and the level of per-event deductibles in aggregate typhoon deals are being re-examined.
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Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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The insurer lifted the attachment on an aggregate portion of its group reinsurance treaty, which was otherwise unchanged after its restructure for 2019.
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Kevin O’Donnell said that several domestic insurers in Florida are now close to exhausting their 2017 treaties.
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Pricing slipped to the lower ends of the guidance ranges as the reinsurer upsized a hurricane tranche of the trade, sources said.
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The (re)insurer has cut its peak risk exposures by more than a third in some cases.
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The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.
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The manager said Irma deterioration pushed its 2017 loss out by 1 percent, taking it to 65.9 percent.
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The political boards will consider future funding structures for the insurer of last resort as well as a possible merger with the Texas Fair Plan.
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The cat bond covers hurricane and extreme mortality risks, according to sources.
