Hurricane
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter. -
The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The NHC has warned of a large storm with hazards extending across the state.
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The sector’s performance was better overall compared with September 2017.
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The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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Considering Hurricane Ian's impact, rate hardening will only accelerate, CEO Alex Maloney said.
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Gross written premium grew across all business lines, with P&C reinsurance reporting a 37.5% increase.
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The combined ratio for Hannover Re’s structured reinsurance and ILS fronting business came in just better than target at 98.2%.
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The reinsurer raised $122mn in Q3, including $100mn for PGGM joint venture Vermeer and $22mn in its cat bond fund.
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The reinsurer manager described Q3 net inflows as “broadly stable”.
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The company’s third-party assets dropped $178mn during Q3 to $4.2bn.
