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The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure. -
The pension fund will acquire the stake from Fairfax for a cash sum of $560mn.
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State officials are encouraging the insurer to move more risk off its books.
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The deal is set to close in the first half of 2020 and will see the Singaporean reinsurer enter run-off.
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The agreement would provide JP Morgan with equity in Scor in the event of a major disaster, or if the carrier’s share price falls below EUR10 in the next three years.
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We've been talking about the reinsurance market being the “squeezed middle” caught in between accelerating primary and retro markets for some time, but could Neon be the first casualty of collateral damage from this phenomenon?
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Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity.
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The carrier expects Typhoon Hagibis to cost it EUR200mn.
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The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.
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Cat losses and higher reinsurance ceded premiums were partially offset by improved underwriting margins and continued discipline over operating expenses, the carrier said.
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The Floridian insurer also increased its Hurricane Michael loss to $32.5mn in the quarter.
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