Results
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The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining. -
The Floridian insurer remained in underwriting profit but recorded $4.3mn of prior-year loss creep.
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Carrier books $10mn loss on WHO pandemic bond
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The carrier included just $13mn in Covid-19 losses as the event will be tracked as an ongoing catastrophe.
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The firm said it expected its solvency ratio to be comfortably above its requirements.
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The insurer's Q1 net profit fell 25 percent to $600mn as cat losses were almost double those of Q1 2019.
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Its pandemic maximum loss is projected at half the levels from a North American hurricane.
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The companies warn that the pandemic will likely cause losses and devalue their books and investments.
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The fund generated more than double the return on the Swiss Re Cat Bond Index in Q4 19.
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UK clients have formed an action group and are seeking a legal opinion on their BI claims.
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The MGA insurance business returned an underwriting profit of $1.4mn having made a loss of $75.1mn in 2018.
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The Swedish state pension fund currently allocates to three ILS managers: Fermat, Credit Suisse ILS and Elementum.
