Property
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The bond will provide coverage for named storms in North Carolina. -
The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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But cat bonds are experiencing negative secondary market price movement.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The carrier has recognised two separate losses for the Palisades and Eaton fires.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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Theokli joined the company in 2021 as a senior underwriter.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The carrier previously raised $125mn via an Ocelot Re cat bond in 2023.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
