Stocks
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The ratings agency had a B rating with a negative outlook on the carrier.
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The carrier, which has announced a strategic review, bought a further $5mn reinsurance top-up after storm Delta that will be triggered by Zeta claims. -
The review comes amid a third-quarter net loss of $20.7mn driven by increased catastrophe losses.
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The carrier’s $990mn catastrophe loss in Q3 is net of $495mn in subrogation from a settlement with PG&E.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The risk modeller has been fending off Senator Investment and Cannae Holdings since their initial $5.2bn takeover proposal in June.
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The carrier reported increased favourable development but sank to a combined ratio of 123% on what the CEO labelled "unprecedented" weather losses.
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The reinsurer’s CFO warns pandemic “is not over” and declines to guide on year-end result.
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Investors from the ILS boom era are also those who've had the least luck, so fundraising remains a slog.
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Natural catastrophes during the quarter cost the insurance group $219mn.
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HSCM’s Michael Millette urged industry participants to prepare for growing cat risk on the back of climate change.
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The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.
