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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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The four-year aggregate notes will replace the 2017 Vitality VIII bond that matured last week.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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The ILS market expanded by $1bn in Q3 but still shrank by 4% over the first nine months of 2020 to $92bn.
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The carrier lifts its net catastrophe allowance by about 25% to $685mn as it reports more favourable renewal terms than it had expected.
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The spread rose 9% during the course of marketing.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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A total of 24 million hectares of land was burnt in the worst bushfire season on record.
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Combined insurance losses for these events total $7.1bn, representing a “benign year” for large non-US losses, the company said.