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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
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The New York-listed company said in December it expected $17mn catastrophe losses in its Q4 results. -
Friederike, a compact and fast-moving extratropical cyclone, struck four countries in January last year.
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Spreads on the health insurance cat bond have dropped, but still above the record low level on the 2018 deal, according to sources.
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The Florida Office of Insurance Regulation has now tracked more than $5bn of Hurricane Michael claims.
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The Californian wildfires, Hurricane Michael and Typhoons Jebi and Trami pushed up losses.
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The utility expects to source enough cash to finance its ongoing operations.
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The insurer is exploring using the vehicle for a quota share as well as access to the firm’s Syndicate 5623.
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The updated $110mn to $130mn estimate is more than double the prior projected Q4 loss ahead of the wildfires.
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Reinsurers are still figuring out just how costly 2018 was in terms of disaster losses – after all, 2018 has only just wrapped up and events such as the Sydney hailstorms lumped on further costs late in the year.
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The Florida-based carrier renewed aggregate reinsurance covering non-hurricane losses, including a $30mn single-provider deal and a larger $85mn programme.
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The Australian carrier said December’s Sydney hailstorm would trigger its per-occurrence reinsurance.
