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Tropical storm activity is expected to be higher than normal in the Atlantic, Caribbean and West Pacific regions.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The fund will limit capacity to $400mn or 1.5% market share, and minimise exposure to secondary risks. -
Version 21.0 of the model will become available to clients on June 23.
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The insurer has a previous history of buying earthquake reinsurance cover from the ILS market.
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It is the Blackstone captive’s first foray into the cat bond market.
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CUO Mike Duffy predicts MGA will become “the future of Lloyd’s”.
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Named storm predictions held stable from the agency’s April update at 17, up from an average of 14.
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British Virgin Islands-based investor Eugenia II Investment Holdings had alleged fraud and misrepresentation after losing $7.5mn with the retro fund manager.
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The organisation has $170mn less cover in place than the $2.1bn it had for the 2020 and 2019 hurricane seasons.
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The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
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The Florida reinsurance renewals ran more smoothly, with lower overall rate increases than initially expected.
