Stocks
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Texas winter storm losses to spill over FedNat reinsurance retention.
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The erstwhile suitor cites falling valuations for residential property technology companies. -
The $7.5bn bid requires more certainty of value and a higher cash consideration, according to CoreLogic's CEO.
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The former Mt Logan Re property reinsurance underwriter took on the role this month.
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CoreLogic has already approved a merger with Stone Point and Insight but said it would review the competing bid.
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The carrier has recently gained sidecar investment by Covea and private equity firm Olympus Partners.
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The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
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The carrier said Texas claims are beginning to drop off with quota share and minor perils cover in place to help minimise its retention.
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The reinsurer lifts the division's Covid-19 loss assessment by EUR28mn in the fourth quarter within a set of results that beat expectations.
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Alleghany’s combined ratio improved 15 points to 98.9% over the period, driven by a 13.5% fall in the carrier’s loss ratio.
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The deal comes as the Iowa-headquartered carrier pursues further diversification into reinsurance.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
