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The carrier's ILS assets under management remain in line with prior estimates, at $1bn deployable capacity. -
The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
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The company relies heavily on underwriting expertise to prepare for cat events.
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That figure compares to pre-landfall loss estimates in the low-single-digit billions.
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Cat claims stemmed from hurricanes Laura, Sally and Isaias, the Midwest derecho and California wildfires.
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The company’s gross written premiums were up 16% in the period year on year.
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Catastrophe losses dropped by about 12% to $1.5bn in the first nine months of the year, as the P&C unit lifted Covid reserves by $100mn.
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Investors from the ILS boom era are also those who've had the least luck, so fundraising remains a slog.
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Natural catastrophes during the quarter cost the insurance group $219mn.
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Bruce Lucas tells Trading Risk Live that 10-12 companies are at “extreme insolvency risk”.
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HSCM’s Michael Millette urged industry participants to prepare for growing cat risk on the back of climate change.
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Covid-19 may have been the biggest talking point in the (re)insurance markets this year but arguably, the pandemic is being overtaken by several other factors – ILS market dynamics amongst them.
