Hurricane
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian. -
The ILS platform has dipped to $7.8bn in assets under management, as ILS revenues were down 44% after the sale of Velocity.
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The company’s combined ratio edged up by 0.3 points despite a two-point reduction in expenses and a 3.4-point reduction in cats.
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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.
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The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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Around $100mn of the facility was funded at close, with the remaining funds available in two tranches as the company reaches certain agreed-upon milestones.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
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The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
