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CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
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The carrier increases its appetite for catastrophe risk ahead of “substantial” rate increases at 1 January.
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The reinsurer passed lower natural catastrophe losses to retro partners than in Q3 2019, but Covid ceded losses rose to EUR173mn.
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The modelling firm anticipates up to $500mn of additional claims from offshore platforms, oil rigs and pipelines in the Gulf of Mexico.
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Parent Axa leaves its EUR1.5bn estimate for Covid-19 losses unchanged at the nine-month mark.
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The fund’s loss estimates for the 2017 hurricane have climbed nearly $3bn in 18 months.
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The new issuance is thought to be the municipal utility’s first foray into the cat bond market
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The modelling companies issue lower ranges than KCC’s earlier $4.4bn forecast.
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Louisiana, Mississippi and Georgia are likely to bear the brunt of the insured losses.
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Further cat losses could be covered under activated aggregate reinsurance deals protecting IAG and QBE.
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The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
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The company relies heavily on underwriting expertise to prepare for cat events.