Hurricane

CEO Dominic Addesso said it was a mistake that early favourable loss reports had not set off “alarm bells” for the company.

A $105mn Lottoland payout and deteriorating Irma losses impacted some ILS funds in June, according to the Eurekahedge ILS Advisers Index.

The Florida-based insurer is also expecting to make reinsurance claims related to the Hawaiian eruptions.

RenaissanceRe CEO Kevin O’Donnell told analysts: “It feels like the wind is at our backs again.”

The carrier increased its loss reserves for Hurricane Matthew but did not update its Irma claims estimates.

A repeat of large losses could test earnings and capital adequacy levels for the top 20 reinsurers.

The retirement fund now holds $129mn across two Nephila funds.

The NFIP faced a much heavier loss toll from Hurricane Harvey, with claims from this storm quickly surpassing $4bn by November last year.

The losses were attributed to HIM and the Mexico earthquake last year.

Re-opened claims in Florida hit aggregate policies written by the reinsurer.

State-backed insurer Florida Citizens has borne the brunt of Irma losses, as other leading carriers in the state managed to keep their share of the event’s claims below their market share, Trading Risk analysis shows.

Last year the hot topic was how the ILS market would respond to the challenge of reloading after the string of hurricanes. But this year, the tables have turned.