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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event. -
The former Aon US reinsurance president will join the challenger broker in just two weeks.
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Tim Ronda was president of Aon’s US reinsurance business and was recently given a new global leadership role.
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The manager said last year it wanted to deploy $100mn to $200mn in casualty ILS.
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The executive has worked for the company for two decades.
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The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
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Surpassing the $30bn threshold will trigger more occurrence covers, as another painful year looms for aggregate writers.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The modeller’s estimate is higher than BMS’s earlier $700mn figure.
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The new generation of vehicles is driven by a lively legacy market and innovations in structuring deals for long-tail risk.
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Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
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One of the ongoing trends within the ILS market over past years has been an increasing demand from existing investors to look for something different within their portfolio.
