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The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth. -
The broker expects ongoing single-digit growth within the ILS market.
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Gibson Re will be domiciled in Bermuda and reinsure 80% of R&Q’s new qualifying legacy transactions.
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Capital positions remain strong even in the context of the pandemic, but innovation is required to keep up their position of influence in the global economy.
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Despite the Q2 increase, the Everest Re sidecar’s written premium for the first half was down 2% to $155.3mn.
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The carrier could not yet discern whether Q3 flooding losses will hit the $2.4bn programme, however.
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The firm launched the special purpose Bermuda-registered insurer at the end of 2020.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
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The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
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CEO Albert Benchimol said it would continue to ‘manage down’ catastrophe volatility.
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The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
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The reinsurer posted intakes to its Medici and Upsilon funds.
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