Property

The Bermuda-based platform primarily fronts property catastrophe treaty reinsurance for LGT's ILS funds.

Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.

Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.

Remaining ILS staff will now report into the group’s CFO.

The firm noted prior-year development on cat events that primarily occurred in late 2022.

HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms.

The reinsurance sidecar was formed in Q4 to provide collateralised reinsurance capacity for Ark's global cat portfolio.

Given better pricing following a disappointing January 1, the company increased its exposure significantly.

The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.

The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.

The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.

The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.