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Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier. -
The company increased its full year 2024 adjusted net income guidance.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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Twia needed to purchase $3.35bn of reinsurance to satisfy its $6.5bn 1-in-100 PML.
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The expected spend is around 33% higher than Twia had budgeted.
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The suggested update to the PML is $2bn higher than last year.
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The carrier also set out detail on its alternative solutions offering.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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The $7bn initial attachment point has remained unchanged from last year.
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Of $17bn that entered the market in the 15 months to 31 December, 40% was channelled into ILS vehicles.
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CFO William McDonnell said reinsurance market stabilisation in 2023 allowed the firm to buy more protection than expected.
