Results
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The carrier says higher retro renewal costs will act as a counterweight to rising rates.
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The carrier says higher retro renewal costs will act as a counterweight to rising rates. -
CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
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“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
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Quarterly losses were led by the Midwest derecho, Hurricane Isaias and the Glass Fire.
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The fund also grew its net assets by 15% to about $142mn.
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The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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The Corporation said 25% of its losses came from property classes of business.
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Pandemic claims contributed to a 670% year-on-year increase in cat losses.
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The carrier said it had added new ILS structures, as it took $187mn in Covid losses.
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The improved premium environment started to show up in returns, but Covid-19 losses are also emerging, ILS Advisers said.
