Claims and losses

Severe convective storms in the US caused hundreds of millions of losses, while a small number of expensive homes in California were hit by a wildfire

It is offering a significantly higher premium than prior-year cat bonds from the state insurer, after it stands to gain $135mn from cat bond payouts linked to Hurricane Ida.

Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.

In a survey report, the BMA warned that such “fallback” solutions failed to measure specific geographic features affected by climate change.

The company previously had its Demotech rating downgraded from 'A' to 'S'.

UPC recorded a $33.2mn loss in Q1, with a 30.9% drop in net premiums earned.

Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.

The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.

Aeolus must return the held collateral to Credit Suisse.

The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.

The issuance is seeking named storm cover in Florida, Georgia and South Carolina.

The reinsurer booked a 104% combined ratio in Q1 on higher than expected cat losses and Ukraine claims, with P&C retro ceded premium up 37%.