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The bond will provide protection from named storms in Florida for three years. -
The scale of the claim is expected to be just within the expected total weather losses for insurers.
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The agreement provides coverage for in-force, new and renewal business, with up to $100mn of limit excess of $10mn per occurrence.
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Storms Pia and Henk, followed by a cold snap, follow three years of 100+ combined ratios for UK insurers.
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Jon Colello will become president in the management shake-up.
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The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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The broker said global cat rates rose 3% in the 1 January reinsurance renewals.
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The firm’s reinsurance leader said over-subscriptions on cat reinsurance programmes have been driven by a psychological shift.
