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The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon. -
The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
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The new programming comes as focus on extreme weather events intensifies.
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The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
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The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
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Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
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The carrier also signalled unfavourable reserve developments linked to asbestos and environmental exposures.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The larger fund PK SBB revealed it made a loss of 7.0% in its ILS portfolio for 2020.
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The insurer said most of the losses stemmed from lines of business it exited last year.
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The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
