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The estimate is net of its per-occurrence reinsurance program and gross of tax. -
Insurance Insider ILS revealed last week that the executive was leaving Property Claims Services.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The Class B segment of the bond has priced below initial guidance.
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More than 33,000 claims had been filed as of 5 February.
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The carrier is “extremely well capitalised” to achieve its strategic ambitions.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The role at PCS included acting as primary touchpoint for ILS.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The changes follow a strategic review of the Pool Re scheme in 2022.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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The storm is likely to be one of the costliest weather events in Canadian history.
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