Hurricane
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Retro and reinsurance partners will pick up $142mn of Axis Capital's $779mn of gross HIMM losses, with the bulk of recoveries due to retrocession on the firm's reinsurance book, the firm reported in its third quarter results.
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Catastrophe losses added 9.0 points to the (re)insurer’s combined ratio as Hurricane Florence and Typhoon Jebi pushed up losses, mainly impacting its reinsurance division.
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The firm’s insurance division took the bulk of its losses.
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The storm weakened to a tropical depression early Wednesday, with sustained winds of 25 mph.
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The initial figures put the National Flood Insurance Program’s reinsurance clear of triggering for the second time in two years. -
The reinsurer reported EUR177mn of losses from named Q3 disaster events.
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The insurer took a further $450mn cat losses net, led by $161mn from Hurricane Florence.
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The firm's latest figure for the storm is up from a $25.7bn estimate reported by this publication in June.
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The latest NHC advisory update has put the hurricane at a level that will not be strong enough to trigger the Mexico's 2017 MultiCat cat bond.
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The initial estimate has come in at half its current Hurricane Irma gross loss.
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The storm remains at a strength that would lead to a 50 percent payout of the $110mn Pacific hurricane cat bond protecting Fonden, although it may weaken before landfall.
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The insurer's reinsurance cover is expected to be only lightly impacted if losses reach the top end of its estimate.
