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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
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The cover will be triggered by territory-weighted annual aggregate industry loss.
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The Residential Re transaction is being offered with significantly higher spreads than a year ago in a sign of repricing benchmarks after Hurricane Ian.
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For larger top-end ILW triggers, cedants may have to be pragmatic on rolling over capital.
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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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The major ILS investor described 2023 opportunities as attractive but said they were set to get more selective in the industry.