Stocks
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The commercial insurance CEO said that the industry should act now before the cat market reached a point of implosion. -
Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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The company previously had its Demotech rating downgraded from 'A' to 'S'.
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The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.
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The specialty P&C carrier is offering high single-digit rates for the cover.
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The Florida carrier has yet to finalise its programs as it awaits potential reforms.
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The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS.
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Higher interest rates drove investment write-downs that offset a turnaround in underwriting performance after last year’s first quarter was hit by Uri losses.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.
