Re/insurers

The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.

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.

The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.

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

Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.

The carrier said it had mitigated the impact of a challenging reinsurance market.

The reinsurer is seeking coverage for any named storm, earthquake, severe weather or fire event in several states in the northeast of the US.

The comment comes after major US carriers pulled back from new business in wildfire-prone California.

The reinsurer launched the cat bond as its first entry to the cat bond market seeking an alternative to retro.

The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.

The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.