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HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms. -
The reinsurance sidecar was formed in Q4 to provide collateralised reinsurance capacity for Ark's global cat portfolio.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.
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The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.
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The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.
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The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.
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The marketing executive previously worked at iCapital and Fitch.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
