Property
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The state pool is seeking indemnity, annual aggregate cover. -
The parent also expects the ILS platform’s AuM to grow.
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The executive previously served at McGill and Partners and Willis Re.
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The carrier is designing an investable portfolio of long-tail risk.
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The event occurred a fortnight after major North Island flooding in New Zealand.
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Its property cat aggregate cover renewed with improved coverage.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The suggested update to the PML is $2bn higher than last year.
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The carrier booked a reserve charge of $392mn for casualty insurance.
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
