The insurer expanded its property catastrophe excess of loss (XoL) reinsurance programme ahead of its imminent acquisition of 1347 Property Insurance Holdings (PIH).
The board of governors approved the increase during a teleconference on Friday, noting that losses in personal lines accounts due to hurricanes have decreased its surplus.
The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
There will be some small increases on loss-affected areas but next year is expected to be stable, USI said in its 2019 Commercial Property & Casualty Market Outlook.
The ILS market must focus on more disciplined underwriting as the reinsurance pricing cycle has been muted, according to Bobbi Anderson, principal and general counsel of Elementum Advisors.
Speaking at the Trading Risk Rendez-Vous in New York, Hudson Structured Capital Management’s Michael Millette said modelling misses helped the reload last year.
In a keynote address at the Trading Risk Rendez-Vous in New York, Daniel Brookman said the (re)insurer of the future will be “large, global and present”.
The Floridian insurer expects losses from Hurricane Florence, other third quarter catastrophes and development on prior 2018 catastrophes to push Q3 claims up to $35mn.
The former QBE CEO John Neal is to become the new Lloyd’s CEO when Inga Beale departs the corporation, sister publication The Insurance Insider reported.
Sirius International Insurance Group and Easterly Acquisition Group have named Gallatin Point Capital as one of the investors on a private placement that will raise at least $213mn.