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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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Vincent Pomo spent more than 11 years at Everest Re in a variety of roles.
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The firm expects pricing and terms and conditions to hold.
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California is the initial covered area but, following a reset, all US states will be covered.
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The firm’s ILS unit expanded fee income by 10% over Q1 2023.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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First event tower for the Northeast exhausts at $1.1bn, at $1.3bn for Southeast and $750mn in Hawaii.
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Overall economic losses hit $45bn in the first quarter of 2024.
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Various trends may work together to hold the cat markets up for longer than some had feared.
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The pricing fell 13.7% on the Class A notes and 6.5% on the Class B notes.