Results
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The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017. -
The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The Eurekahedge ILS Advisers suffered its steepest August fall on record.
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California wildfire loss notifications relating to 2017 and 2018 fell.
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The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
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Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
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Natural catastrophe losses were up year-on-year, but without fresh Covid losses the London market returned to profit.
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The (re)insurer reported $30.5mn of fee income for the half-year.
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Gibson Re will be domiciled in Bermuda and reinsure 80% of R&Q’s new qualifying legacy transactions.
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Proactive price action is enough to keep pace with inflation – for now.
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Excluding prior-period reserve charges, the Illinois-based company estimated total cat losses at $211mn from 18 events.
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The insurer said it had "a tsunami of rate rolling onto the book".
