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Reinsurers relied on ILS providers for 21 percent of their retro cover for a 1-in-250 year event in 2017, the ratings agency said.
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The Everest Re sidecar’s Q2 claims burden was up by more than 400 percent year on year. -
The German reinsurer ceded 31 percent of its EUR134.8mn of gross major losses to retro partners in the first half.
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The ratings agency says insurers may need to pursue loss-reduction strategies, with 2018 possibly on track to produce more claims than 2017.
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The company established Sussex Capital with $102mn in January and expanded its Versutus sidecar in February to $187mn.
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A decision to stop ceding business to its Silverton Re sidecar and an accounting change led to the drop in net written reinsurance premiums in Q2.
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The sidecar grew as the (re)insurer reported a 29 percent surge in gross written premium for the quarter.
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The carrier also signed up 50 percent more investors during the July renewal.
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Axis ceded $163.5mn of premium to strategic partners, excluding its Harrington Re vehicle, of a total of $624.2mn in managed premiums.
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This came as a reduction to net losses from 2017 catastrophes boosted quarterly results for the reinsurer.
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Re-opened claims in Florida hit aggregate policies written by the reinsurer.
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Richard Slater and Adam Champion have been hired at Brit’s new collateralised reinsurance vehicle Sussex Capital.
