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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3. -
The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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The carrier’s property business retained $175mn of losses net of reinsurance related to the Hurricane.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
