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The firm kept overall spending flat after upping its participation in the state reinsurance scheme.
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Increased retro costs mean RenaissanceRe will likely be retaining more risk. -
The insurer increased its participation at the Japan renewals in April.
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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.
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Mt Logan Re's asset base is stable at $1.05bn.
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The Floridian insurer reported a Q1 combined ratio of 100.3 percent, up 20.1 percentage points from the prior-year period.
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The CEO of Arch puts Jebi industry loss estimate at $13bn.
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Arch’s reinsurance underwriting income for the first quarter of this year plummeted by 61.9 percent to $20.9mn.
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The rate outlook from consultancy firm Raymond James is below the 20 percent-plus correction that reinsurers are pushing for.
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The Florida-based insurer reported a $15mn cat loss for the full year.
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The ratings company said Floridian insurer ratings would be under threat from hardening property catastrophe rates.
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Losses from Hurricane Michael and the California wildfires brought the reinsurer’s non-life combined ratio up to 108.7 percent.
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It took a steeper 2018 loss from the ILS platform than in 2017.
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The firm’s Q4 fee income was down year on year, but over the course of 2018 has risen 35 percent from 2017.
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The company has closed about 95 percent of claims, CEO Michael Herbert said.
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The firm’s Mt Logan sidecar posted assets of $1.2bn, up from $1.1bn three months earlier.
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The firm’s insurance division took the bulk of its losses.
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Munich Re and Swiss Re as well as Lloyd’s insurers are among the top reinsurers of the leading insurers in North Carolina and South Carolina.
