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The broker said the renewal had been “gruelling” for cedants. -
Cedants are grappling with rising rates while coverage narrows.
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The broker said this was not yet a settled market as work remained underway.
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Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
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The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
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The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
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The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
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FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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The former analyst at Aeolus joins the growing number of ILS experts to join the firm.
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The outgoing CEO will step down in May and spend six months as a strategic adviser to the company.
