Hurricane
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Its year-to-date result from the Bermudian ILS platform has produced a $1.2mn profit.
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The Florida insurer said it had no concerns about collateral availability to meet Irma claims. -
The insurer’s Irma losses have risen by a further 25 percent to $754mn.
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The reinsurer reported a net profit of $634mn for its P&C division for the nine months to 30 September.
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The Q3 income offset losses recorded in H1.
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RenaissanceRe also revealed that it expects its Hurricane Michael losses to be as much as $100mn.
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Continuing cat losses and dislocation at Lloyd’s should support reinsurance renewal rates, the reinsurer suggested.
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The insurer revealed the sum in its Q3 results.
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Some 5 percent of the total claims filed to date were lodged in counties beyond the 15 closest to Michael’s strike.
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The Sompo International-managed fund’s written premium base shrank to $4.2mn.
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The firm’s Mt Logan sidecar posted assets of $1.2bn, up from $1.1bn three months earlier.
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The Florida-based carrier said prior-year loss events including Hurricane Irma produced negligible development in the period.
