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Demotech earlier warned that more than 15 possible carrier downgrades could come in July. -
Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment.
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Some reinsurers emerged as increasingly positive on the cat space, despite generally subdued risk appetites.
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The Florida senator described the agency’s market influence as “deeply troubling”.
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The purpose of the agreement is to allow insurers to meet the guidelines set forth by Fannie Mae and Freddie Mac.
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The start-up’s top team predicted further rate hardening at 1 January.
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The company aims to run off its cat and property business by 2024.
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The CEO said reduced ILS appetite was a “net positive” for the carrier.
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If no action is taken to reduce emissions, costs could soar by 87% in average annual losses to residential properties, JBA Risk Management said.
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Fee income dropped 24% year on year, as premiums ceded to other strategic partners fell by 7%.
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In its Q2 earnings call, CEO Kevin O’Donnell said that the company held its PMLs flat while taking the benefit of increased rate.
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The property reinsurance underwriter had joined Axis Re’s London team three years ago.
