Results
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner. -
CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The reinsurer opened its cat bond portfolio to third-party investors last summer.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
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The Healthcare of Ontario Pension Plan (HOOPP) allocation to ILS has nearly quadrupled in size since the end of 2019.
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The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July.
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The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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All 27 funds in the index posted profits in June, with cat bonds marginally outperforming private ILS.
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The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.
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The carrier reported a 66% increase in GWP for its property business.
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