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The insurer said it was two thirds of the way to attaching a UK reinsurance treaty. -
The carrier said it would focus on growing outside of Florida until pricing in the state “more accurately reflects our increased costs of doing business.”
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Covid-19-related catastrophe losses at TransRe contributed to a Q1 underwriting loss.
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The carrier took a separate EUR220mn charge connected to Covid-19 losses.
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The carrier expects event cancellation losses from Covid-19 in the “mid-triple-digit-million euros”.
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Some insurers in the panhandle may not be able to handle reinsurance rate increases in the 1 June renewal, according to Bruce Lucas.
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Losses stemmed largely from February hail, tornado and wind events in the southeastern US.
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Quarterly operating profit slipped 31 percent year on year, narrowly missing an analyst estimate.
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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Losses from 2019 Japanese cat events have risen by nearly 13 percent since mid-March.
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The bond has less limit than the firm’s other issuances but offers 125 bps more return.
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