Results
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Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally. -
The carrier expects the market loss to land at $35bn-40bn.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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The carrier said 72% of those losses occurred in personal property.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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The company will ‘aggressively pursue subrogation’ for the Eaton Fire.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
