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Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4. -
The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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Hurricane Milton accounted for 60% of the firm’s Q4 large loss tally.
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The carrier expects the market loss to land at $35bn-40bn.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Several Florida start-ups are poised to begin writing business this year.
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.
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The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.
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The investors are led by PE firm NMS Capital Group.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
