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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event. -
In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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The bond will provide coverage for any named storm in the state of Florida.
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The broker has spent around 15 years working for Aon’s reinsurance unit.
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The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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The company said the result was "encouraging given the challenges of ILS capital raising".
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The firm will focus on high-frequency, low-severity risks including personal and commercial auto, general liability, workers' compensation and professional lines.
