Stocks
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters. -
Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.
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The reinsurer posted intakes to its Medici and Upsilon funds.
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The broker said ILS capital had reached $96bn at the end of Q1.
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It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
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As part of expansion plans, Ki has also signed a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states.
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Catastrophe losses for the month fell to $195mn, a sharp drop from the prior year’s $752mn.
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The potential transaction is expected to complete in the third quarter.
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The deal is more than three times bigger than prior Asagao private cat bond deals.
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In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.
