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Sources warned some property XoL books are already running 50% loss ratios. -
Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.
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This will be the third cat bond issuance through Baltic Re PCC.
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Earlier today, Aon confirmed president Eric Andersen had stepped down from his role.
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The executive will remain with the firm as a senior adviser to the CEO until mid-2026.
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The cat bond manager warned of excess downside risk owing to an accumulation of losses.
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Flood Re’s bond Vision 2039 bucked the trend by pricing up 7% as its secured £140mn ($174mn) of limit.
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The insurance industry has experienced mounting losses from severe convective storms.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
