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Average reinsurer return on equity (RoE) was just 4.8% over the past four years. -
The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
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Property losses make up 96% of claims.
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UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
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Projected spreads on the deal fell by 10%-11% in early marketing.
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The manager says cedant demand is growing for larger transactions.
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The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
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Analyst Philip Kett estimates US winter weather losses at $15.3bn.
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The return of capital in May will largely go to investors in the class C post-2017 class of shares.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The forecaster sees only a 25% chance that the enhanced activity will reach the “hyperactive” levels seen in 2020.
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The US forecasting agency updates the baseline once a decade.
