Hurricane

A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.

The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.

“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.

ILS Advisers Index returns 1.23% in August, taking YTD gains to 10.75%.

The ILS firm reported $6.8bn of assets under management at the third-quarter mark.

The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.

Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.

Verisk said the majority of the insured losses can be attributed to wind damage.

The ratings agency also said economic and insured losses caused by Otis have reached $16bn.

More than three-quarters of local exposure is ceded to highly rated reinsurers through excess of loss protection, according to the rating agency.

The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.

The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.