-
Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn. -
Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
-
The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
-
A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
-
The move reflects years of weak profitability caused by high cost inflation and cat losses.
-
The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
-
The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
-
The bond will provide cover for windstorm, hailstorm, flood and quake.
-
Key names taking up senior roles at Validus include Sven Wehmeyer and Pablo Nunez.
-
The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
-
The worst of the damage was experienced in Brest, northwest France.
-
Alexander will join after his competitive restrictions are up.
