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Richard Anson previously served as head of ceded reinsurance at Antares and reinsurance manager for Aviva. -
The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.
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The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.
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Reinsurers are talking about a new era of elevated risks, but their behaviour may signal a more relaxed view heading into 2022.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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The deal will exclude Covid-19 from its current year coverage.
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The reinsurer upsized the transaction to $250mn, from a $150mn initial target.
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The deal is the first typhoon cat bond for the insurer, which previously sourced earthquake cat bond coverage.
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Registrations for the event will be limited if necessary to ensure distancing measures can be taken.
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The Australian insurer said it received approximately 3,750 claims relating to recent flooding, as the low deductible on its losses implies it may trigger a dropdown or aggregate cover.
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The news marks the second year in a row members have ceded more than $1bn in risk to the Caribbean Catastrophe Risk Insurance Facility.
