Results

United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.

Zurich has exhausted its $450mn aggregate reinsurance cover after booking around $450mn in losses from Hurricane Ida and $150mn-$200mn from Storm Bernd.

The carrier will put its Maison Insurance operations into run-off.

The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.

The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.

Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses.

Net cat losses were down, but other weather losses rose by 56% to $35.5mn.

The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.

Eclipse Re has issued a series of large private ILS issuances across four tranches totalling $277.2mn, significantly boosting year-to-date volumes, Bermuda Stock Exchange filings show.

AIG has disclosed that AlphaCat’s AuM was $3.5bn as of 30 September, down by $300mn from the $3.8bn reported for Q1 2021, and 17% from $4.2bn a year ago.

The gross written premium increase was driven predominantly by cyber and executive risk, which grew by 44% year on year.

HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.