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Almost 250 tornadoes hit in the US last month, with one outbreak set to cost insurers $700mn, Aon has reported.
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The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year. -
The revised estimate is 9 percent higher than its first take on the disaster.
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The insurer has increased its ultimate net loss for the 2017 storm by 7 percent.
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Bermudian ILS manager Pillar produced $1.2mn of Q1 income for the conglomerate.
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Premiums were up at the insurer to $210mn despite staying flat in Florida.
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Mt Logan Re's asset base is stable at $1.05bn.
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The Floridian insurer reported a Q1 combined ratio of 100.3 percent, up 20.1 percentage points from the prior-year period.
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The ILS fund manager said the rationale behind model updates will be followed closely.
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The reinsurer’s Corporate Solutions division posted a $55mn loss for the period.
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The additional aggregate reinsurance protection comes from its Sanders Re II catastrophe bond.
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Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn.
