Published by this author:
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The carrier renewed about a third of its $1.2bn earthquake cover.
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Fee income rises by over two thirds to surpass $19mn for the quarter.
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The streak of tornadoes in the US this May means 2019 is set to have highest level of activity since 2011 but the impact on (re)insurers will be offset by lower than average hail events.
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UPC Insurance halved the amount of reinsurance limit it will seek from the open market to $808mn, after opting for more state fund and quota share cover. -
Bermudian ILS manager Pillar produced $1.2mn of Q1 income for the conglomerate.
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Premiums were up at the insurer to $210mn despite staying flat in Florida.
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The insurer reported pre-tax catastrophe losses of $250mn for the first quarter of the year.
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The additional aggregate reinsurance protection comes from its Sanders Re II catastrophe bond.
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The internal review found no evidence that the ILS funds’ management team acted in bad faith, Markel said in a statement.
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The rating agency maintains its stable outlook on the US P&C insurance segment.
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The deal will be financed through cash and the issuance of FedNat shares.
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The Markel subsidiary is under investigation into the accounting of loss reserves for 2017 and 2018.
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On average carriers expect to cede around half their gross losses across a range of potential peak perils.
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The loss contributed to a $1.6bn quarterly cat loss at new parent AIG.
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The $1.5bn deal also entails a reinsurance co-operation agreement between buyer and seller.
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A previous estimate of $2bn to $4.5bn was released just prior to landfall.
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Underwriting profit for the reinsurance division fell by 3.6 percent to $134.9mn in Q2, due to increased expenses.
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Amy Stern joined the insurer in 2013 after nearly three years as a senior vice president at Berkley Re America.
