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The reinsurance broker said the losses will fall on the higher end of industry loss ranges. -
More than half of the top 20 global reinsurers maintained or reduced their natural catastrophe exposures during the January 2023 renewals.
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The Court has granted the stay based on a revised order agreed between Vesttoo and White Rock.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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The agency put insured property values in the burn footprint at $2.5bn to $4bn, which marks an uptick compared to Moody’s estimate from last week, when the agency pegged insured losses at around $1bn.
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The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier
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Total reinsurance capital will climb to $560bn, ahead of last year but behind the 2021 peak of $570bn.
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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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Campbell Brown leaves Amundi after nearly five years.
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Greg McBride joins the firm after nearly 18 months at Mt Logan Re.
