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The National Hurricane Center forecasts ‘considerable flooding’ in Florida later this week. -
This would become an event of default under the company's outstanding $100mn senior unsecured notes due 2029 and $21mn convertible notes due 2026 if not discharged within 60 days.
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The executive joins from Getsafe and has experience at Zego.
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Many storm losses would be the result of flood, which is not covered by the standard homeowners’ policy.
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The storm is currently at Cat 4 strength but will weaken to Cat 3 as it approaches land.
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Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
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The casualty ILS platform is building out its team following a Series B fundraise.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.
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The reinsurer’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.
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The Scor CEO likened reinsurance market conditions to those seen in large commercial primary lines post-HIM.
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The price for risk carrying is no longer insufficient, Munich Re's CEO said in a Monte Carlo briefing.
