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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio. -
The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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The issuance is split between $100mn-$120mn of Class A notes and $115mn Class B notes.
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The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.
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Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.
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Governments could encourage cat bond issuance by lowering costs, a policy paper said.
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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
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