Hurricane
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Insurer adjusts programme to seek slightly more aggregate and less “sliver” reinsurance cover.
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Mitsui Sumitomo has put its Typhoon Jebi losses up to 258bn yen ($2.4bn), compared with an initial estimate of 140bn yen. -
The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year.
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Increased retro costs mean RenaissanceRe will likely be retaining more risk.
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The bond will attach at $2.1bn, sitting alongside previous issuances in the series.
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Under the new laws, the insurer has a 10-day timeframe to complete its investigations before legal action can be brought.
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The insurer has increased its ultimate net loss for the 2017 storm by 7 percent.
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UPC Insurance halved the amount of reinsurance limit it will seek from the open market to $808mn, after opting for more state fund and quota share cover.
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The fund currently has a 5 percent cap on reimbursements for loss adjustment expenses.
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The ILS fund manager said the rationale behind model updates will be followed closely.
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The reinsurer’s Corporate Solutions division posted a $55mn loss for the period.
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Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn.
