Property
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AuM stood at $1.5bn as of 30 September, up from $1.2bn as of January 2023. -
The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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The move reflects years of weak profitability caused by high cost inflation and cat losses.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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The bond will provide cover for windstorm, hailstorm, flood and quake.
