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UCITS fund diversification targets limit their capacity for US wind bonds. -
The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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The carrier said 72% of those losses occurred in personal property.
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Scrocca will be based in Bermuda on focus on underwriting and risk sourcing, among other things.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The aim is to capitalise on cat bond market’s robust growth and US peril concentration.
