Property

The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.

This came after the firm said it had begun the process of moving its US E&S business off its Lloyd’s paper as it sets up a new E&S carrier.

The carrier said a greater number than usual of North Atlantic storms are possible despite El Niño conditions.

The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.

The carrier reported a 66% increase in GWP for its property business.

The CEO said Chubb has ‘never seen better pricing’ on primary property.

The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.

The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.

Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night.

The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".

The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.

The deal is offered by Blackstone's captive Gryphon Mutual Property and fronted by Hannover Re.