Berkshire Hathaway
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%. -
The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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The panelists discussed the ILS reset and the path to maintaining discipline in this sector.
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Geico more than tripled underwriting profits.
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Aeolus increased its participation on the program more than fourfold.
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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.
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Berkshire Hathaway and Canada Life Re will provide as much as A$680mn of protection annually.
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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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Early private deals have provided far more stability in this year’s renewal than last.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
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Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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The deal values the TransRe owner at 1.26 times book value as of 31 December 2021, and represents a 29% premium on its stock price.
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The reinsurer said the deals would enhance its abilities to provide innovative solutions for clients.
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CEO Richard Brindle calls for pricing corrections to reflect climate change and exposure growth.
