Chubb
-
The placement showed investor preference for slightly riskier aggregate deal. -
Migdal Insurance placed its debut cat bond Turris Re for $100mn of quake limit.
-
The sponsor is offering two notes but will only place one depending on market interest.
-
AIG, HDI Global and others have settled, while Chubb’s fight continues.
-
The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
-
The company’s stock price has plummeted in the wake of the LA wildfires.
-
The commercial carrier also reported a Hurricane Milton pre-tax net loss forecast of $250mn-$300mn.
-
-
The carrier has also extended the redemption period by three years, to 31 March 2029.
-
Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.
-
Sources have said the layer will provide the carrier with protection for the Northeast US only and attaches at a remote level.
-
The carrier was originally in the market for extra capacity at January 1 before pulling plans.
-
The CEO said Chubb has ‘never seen better pricing’ on primary property.
-
O’Donnell will focus on strategic and tactical operations within global reinsurance alongside his continuing responsibility for Chubb Tempest Re USA.
-
Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
-
New demand for reinsurance cover that was expected to come to the market around the January renewals is being reined in as insurers recognise the extent of the hardening market.
-
Analysts said attachment points are now far behind the rate of inflation over the period.
-
The insurer takes a $1bn retention on US losses but could have made some reinsurance recoveries.
-
Ledger is on a hiring spree after a $75mn Series B round.
-
The investor will manage a portion of the Bermudian’s assets.
-
The carrier has extended the limit to $1.275bn for the year to 31 March 2023.
-
Reserve releases more than doubled compared with Q3 2020.
-
The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.
-
Covid-19 losses remained stable as the insurer said rate rises should endure.
