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Higher interest rates drove investment write-downs that offset a turnaround in underwriting performance after last year’s first quarter was hit by Uri losses. -
Insurers have paid out $580mn to policyholders already.
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Storms Dudley, Eunice and Franklin have resulted in 177,000 claims.
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The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
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The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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The carrier has extended the limit to $1.275bn for the year to 31 March 2023.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.
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The Floridian carrier must improve its financial strength rating ahead of its 1 July reinsurance renewal.
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Guy Carpenter, Aon and Gallagher Re are each understood to be preparing to enter the nascent sector.
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The follow-only vehicle initially launched in January with a more limited set of permissions.
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