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Tornado outbreaks along with thunderstorms caused significant damage.
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Christoph Jurecka said he was "not sure if I buy in" to high-end loss estimates that Covid-19 will be the biggest catastrophe loss ever. -
The spread on the deal settled 16 percent higher than initial forecasts.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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The insurer reserved an estimated £17mn for certain BI claims in Q1.
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Catastrophe losses were EUR208mn, up 6.6 percent from last year.
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Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
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The Floridian insurer said it has secured most of the reinsurance limit it requires ahead of the 2020 hurricane season.
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The modelling agency noted that an easing of the restrictions would reduce this percentage.
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The midpoint of the updated spread range promises a multiple of 5.8x the expected loss.
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The insurer's Q1 cat losses dropped by more than two thirds.
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The insurer said it was two thirds of the way to attaching a UK reinsurance treaty.
