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Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.
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Loss estimates outstrip early expectations.
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The meteorological service has lifted its hurricane estimate from six to 10 to seven to 11.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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Sources say initial modelled loss data converges on another sub-$1bn loss with wider variations than over earlier 2020 storms.
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Reports of flooding in eastern US states as millions were left without power.
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The storm is producing tornadoes on its way up the US east coast.
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Parts of South and North Carolina are under hurricane warning but the storm is expected to bypass the city of Charleston.
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The storm is now expected to make landfall in the Carolinas late Monday.
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Isaias is currently a Cat 1 hurricane and is nearing Andros, the largest island in the Bahamas.
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Florida could face heavy rain and flooding as a result of Isaias, the National Hurricane Center (NHC) has warned.
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NFIP claims are expected to make up about $100mn of the claims tally.