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Homeowners’ and commercial insurance policies typically exclude floods, mudslides, debris flow and other similar disasters unless directly or indirectly caused by a recent wildfire. -
The carrier was originally in the market for extra capacity at January 1 before pulling plans.
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Loss estimates from Aon, Gallagher Re, Swiss Re and Munich Re all point to a significant component of severe convective storm losses.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary market, reinsurance and ILS will all need to prove themselves before capital flows back in, said LCM CEO Paul Gregory.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
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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.
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The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.
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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.
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The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
