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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions. -
The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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The company said it expects portfolio positions to reflect the updated figures soon.
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The bonds had been heavily marked down initially.
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According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
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Hurricane Ian losses at United Insurance Holdings (UPC) Insurance have nearly reached the top of its personal lines reinsurance tower, company executives said on its earnings call.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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The California-based carrier specialises in personal lines cat cover.
