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The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year -
The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
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The third wildfire cat bond for the California utility will be its largest to date
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Its $725mn estimated losses equated to 10% of shareholders’ equity and came in ahead of its Q3 2017 losses of $617mn.
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The manager has faced a challenge to its buyout offer based on concerns over value.
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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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Some of the insurer’s bonds were among those modestly marked down after Ida.
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The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.
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The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.
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The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
