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In a joint defence, eight carriers in the High Court case reject FCA’s interpretation of proximate cause. -
The insurer is anticipating a pre-tax underwriting loss of $210mn for the quarter, and expects to absorb $182mn in Covid-19 claims.
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Catastrophe losses will account for 65 percent of quarterly losses, the company estimates.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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The range adds to mounting evidence that the industry may be hit less than initially feared by the pandemic.
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The (re)insurer said Covid-19 losses would account for about $170mn-$180mn of the claims tally.
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Damage to property and automobiles stretches across five states, the agency said.
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The claims stemmed from US storms and civil unrest, with pandemic losses broadly offset by reduced claims frequency on the underwriting side of its business.
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Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The Florida Retirement System's ILS allocations reached $740mn at the end of last year and the body will consider scaling up further in 2021.
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The downward move reflects the lagging impact of cutbacks in 2019.
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The claims emanate from 14 weather events and amount to $12.8mn on an after-tax basis.
