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Six fires now cover more than 27,000 acres across Southern California. -
Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.
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More than 4,000 acres are burning as thousands evacuate.
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The renewal marks the seventh issue of the retro vehicle.
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The deal comes around three years after Markel sold a controlling interest in Velocity for $181.3mn.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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In June 2023, Hale Partnership got its license from the Cayman Islands Monetary Authority for HP Re.
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In the US, pricing fell by 6.2% at the major renewal.
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Cat bonds were a key supply-side driver at 1 January 2025.
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Investment in the space comes mainly from the cat bond market, Gallagher Re said.
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