Hurricane
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The insurer’s reinsurance and ILS business is “performing strongly,” said outgoing CEO Bronek Masojada. -
The Florida carrier saw development from hurricanes Irma and Sally.
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Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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The insurance product is set to launch in Jamaica, the US Virgin Islands, the Bahamas and St Lucia in 2021, with further expansion planned for 2022.
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The carrier has also exited US MGAs exposed to North Atlantic cat risk.
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The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon.
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The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
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The new programming comes as focus on extreme weather events intensifies.
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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
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Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
