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The carrier is approaching the halfway point of its A$950mn natural hazard allowance, four months into its financial year, and has eroded up to 63% of its aggregate reinsurance deductible.
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The carrier is moving to lift quota share support to reduce its retained exposure. -
The carrier adds just EUR8mn to its running Covid-19 claims tally, which now stands at EUR256mn.
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HCI reported diluted earnings per share of $1.60 in Q3, compared to $1.02 a year earlier.
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Pure cat bond funds continued to outperform private ILS strategies on the ILS Advisers index.
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Profits slipped 77% but CEO Jurecka said he was optimistic about the firm’s underlying performance.
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The carrier, which has announced a strategic review, bought a further $5mn reinsurance top-up after storm Delta that will be triggered by Zeta claims.
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The review comes amid a third-quarter net loss of $20.7mn driven by increased catastrophe losses.
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The carrier’s $990mn catastrophe loss in Q3 is net of $495mn in subrogation from a settlement with PG&E.
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CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurer passed lower natural catastrophe losses to retro partners than in Q3 2019, but Covid ceded losses rose to EUR173mn.
