Claims and losses

The deal priced 50 basis points below guidance.

Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.

The firm has posted a combined ratio of 75.4% for 2022.

The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.

The firm noted prior-year development on cat events that primarily occurred in late 2022.

The reinsurance sidecar was formed in Q4 to provide collateralised reinsurance capacity for Ark's global cat portfolio.

The company has eroded about half its international catastrophe deductible following New Zealand losses.

Heritage’s Q1 combined ratio fell 35 points to 94.5% from the prior-year quarter, driven primarily by lower weather losses.

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The loss figure only includes property losses incurred in Turkey, as Perils does not cover Syria.

The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.

The Metrocat cover is heavily weighted towards Battery Park, which forms part of three districts in the cover's area A, alongside Sandy Hook and Rockaway Inlet.