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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year. -
The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The multipliers on the A and B notes reflect the lack of losses from Hurricane Ian to FloodSmart Re bonds.
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The attempt to increase the supply of insurance in the state has been submitted for governor approval.
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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
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Lawmakers are taking action to attract more property insurers into the state.
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Following rate increases at 1 January, projected fund returns for 2023 are up several points year on year, with a boost also from higher Treasury rates.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
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Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.
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The carrier’s maximum event retention for the Auckland event is A$236mn.
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Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said.
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The carrier said GWP was up 12.7% to EUR33.3bn.
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