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The Everest Re sidecar had an underwriting loss for the quarter.
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The storm is set to weaken to a tropical depression before making landfall.
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The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season.
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Rapid growth of the cyber market suggests an increasing role for ILS, panellists said at Trading Risk Live.
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Losses to multi-peril homeowners’ policies have hit $876.8mn, while multi-peril crop claims from the storm have cost $35.2mn.
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The deal would provide the corporation with California earthquake coverage.
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Forecasts show Eta affecting the southern tip of Florida as it turns in the Gulf of Mexico.
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The storm battered Central America as a hurricane last week, causing widespread damage and at least 57 deaths.
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Reinsurance demand will be up in the near term, but a stronger if smaller pool of carriers would be another desirable outcome.
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The carrier says its programme performed "as expected" but it anticipates needing less cover in the future as it seeks top line growth.
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Forecasters warned that the storm’s course remains relatively uncertain at this stage.
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Fee income stayed flat but AIG's share of AlphaCat investment results dropped.