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Universal ceded $11mn of prior-year losses to reinsurers. -
The insurer said it has substantial reinsurance cover available although none have been drawn on yet.
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The carrier has reduced its frequency risk while lifting exposure to tail events.
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An unspecified superior court will hear the ICA-funded case, with the outcomes used by the Australian financial ombudsman.
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CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
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The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
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The utility spent 13% more to secure its insurance but cut back third-party cover to $870mn.
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Investment income fell by over 65%, weighing on improved underwriting results.
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The manager’s MGA operations boosted ILS revenue despite lower AuM.
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The reinsurer did not provide an updated Covid-19 loss estimate.
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Parent Lancashire fell to an underwriting loss for the first half after lifting its Covid-19 loss estimate to $42mn.
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The estimate includes privately insured wind and storm surge damage to homes, commercial properties and cars, but not NFIP losses.
