The Bermudian (re)insurance market is to absorb at least $25bn of the $100bn losses linked to Hurricanes Harvey, Irma and Maria, the Association of Bermuda Insurers and Reinsurers (ABIR) has said.
Hudson Structured Capital Management (HSCM) has invested alongside Allied World in a high net worth (HNW) insurance start-up Vault, sister publication The Insurance Insider reported.
Universal Insurance Holdings forecast its gross losses from Hurricane Irma would fall between $350mn to $450mn, but after reinsurance it will take a net pre-tax loss of just $35mn.
A significant financial cost is expected from at least 15 wildfires that have spread across northern California since 8 October, Aon Benfield's catastrophe modelling arm Impact Forecasting said in its latest cat alert
AIG said it would take net losses of as much as $3.1bn from the 2017 hurricanes as each loss fell short of attaching its main North American catastrophe reinsurance cover.
