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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re. -
The SPV will underwrite a “broad and highly diversified” portion of Amwins’ ~$6bn delegated authority premiums.
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The Carlyle and Hellman & Friedman vehicle will sell for 1.5x book value.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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Several Lloyd’s syndicates are also now providing cover for the federal insurer.
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Fears relating to an economic downturn continue to dominate concerns.
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The peril has been historically difficult to model compared to others.
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Insurers with SCS exposure reaped fewer benefits but still improved over Q3 2024.
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Japanese firm MS&AD acquired 80% of ILS manager Leadenhall Capital Partners in 2019 from another affiliate.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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Widespread underinsurance and low exposures will limit losses.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The storm could bring flooding to Jamaica, Cuba and Haiti.
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The executive is charged with defrauding investors out of nearly $500mn.
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While rates have “definitely come down,” they were coming off a high base, Rachel Turk said.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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Mory Katz joined the broker earlier this year.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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The funds will combine credit and ILS holdings.
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It is understood around $1bn of premiums could be ceded to the proposed vehicle.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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