Hurricane
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The carrier booked a reserve charge of $392mn for casualty insurance. -
The manager’s conservative strategy posted returns of 7.61%.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Typical ILW attachment points for US peak perils have fallen from $60bn to $40bn-$50bn as the market awaits the final Hurricane Ian number from PCS.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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The independent manager’s post-Ian growth has helped it more than double from prior estimated assets under management.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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The year was characterised by several severe and costly thunderstorms.
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The performance continues an unbroken run of positive monthly returns in 2023.
