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The broker said that weather-related losses had become more severe in the past decade because of climate change. -
Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
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The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
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The gross written premium increase was driven predominantly by cyber and executive risk, which grew by 44% year on year.
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The monthly loss on the Eurekahedge ILS Advisers index accelerated from 0.4% in August.
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The insurer will recoup $986mn from its reinsurers in relation to Q3 cats, of which $689mn stems from Hurricane Ida.
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HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.
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Hannover Re has ceded more than twice the level of large catastrophe losses to reinsurance and retro partners in the first nine months of 2021 as it did in 2020, as it retained only around a third of its Bernd flood claims on a net basis.
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The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.
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Despite the drop-off in AuM, Markel boosted ILS operating revenues significantly in the quarter.
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The carrier revised its cat bill following Ida and PG&E losses.
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The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.
