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The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico. -
The performance of the P&C reinsurance segment was underpinned by a large increase in catastrophe losses.
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Parent Axa leaves its EUR1.5bn estimate for Covid-19 losses unchanged at the nine-month mark.
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The Floridian carrier is not looking to expand in Louisiana or Texas, citing the elevated catastrophe risks.
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The fund’s loss estimates for the 2017 hurricane have climbed nearly $3bn in 18 months.
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The carrier reported increased favourable development but sank to a combined ratio of 123% on what the CEO labelled "unprecedented" weather losses.
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The new issuance is thought to be the municipal utility’s first foray into the cat bond market
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Southern Fidelity has struggled during a busy 2020 storm season because of its exposure to the Gulf states.
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The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses.
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Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
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Zurich-based manager Plenum said a partial loss of the $150mn Philippines wind bond seems likely.
