Claims and losses

“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.

The storm caused significant damage to homes and businesses as gusts reached over 100 mph and resulted in widespread flooding.

ILS Advisers Index returns 1.23% in August, taking YTD gains to 10.75%.

The storm caused significant wind damage and flooding across parts of Scotland and England.

The ILS firm reported $6.8bn of assets under management at the third-quarter mark.

The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.

Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.

Verisk said the majority of the insured losses can be attributed to wind damage.

In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.

The ratings agency also said economic and insured losses caused by Otis have reached $16bn.

More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.

The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.