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The Bermudian said its third-party vehicles were “sufficiently capitalised”. -
The increase can be attributed to the Christmas storms of 2023.
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Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
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Typical ILW attachment points for US peak perils have fallen from $60bn to $40bn-$50bn as the market awaits the final Hurricane Ian number from PCS.
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The Insurance Council of Australia has estimated A$743mn ($489.6mn) of insured losses from Tropical Cyclone Jasper and the Christmas and New Year storms.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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As a result of mostly flooding, £467mn of losses occurred in the UK.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
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Cat bonds and sidecars are well positioned for growth, while private ILS will benefit from further innovations to improve liquidity.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
