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A total of 10 events caused more than $1bn in losses each. -
Tornados in the first six months of the year in the US were slightly above the 27-year average.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The scandal over letters of credit at Vesttoo has put a spotlight on the casualty ILS segment, where Ledger Investing is growing market share.
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The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July.
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The floods struck New Zealand’s North Island between 27 January and 2 February 2023.
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The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
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The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
