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The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance. -
Having set up its London Bridge ILS platform, Lloyd’s believes it can leverage its reinsurance-to-close (RITC) mechanism to develop an ILS market for casualty, CFO Burkhard Keese said on a results call yesterday.
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Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.
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The state-backed property insurer is mulling its risk transfer options for 1 June.
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The firm says that, without change, firms will be downgraded in the coming weeks.
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The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.
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Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.
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Tuttle has more than 35 years’ experience in P&C broking and cat modelling.
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The Canadian pension fund increased its overall proportion of ILS assets to 0.6%.
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The insurer predicts there will be some release from its provision, but it will happen over time and is subject to court proceedings.
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The casualty ILS platform said it had handled more money in the past three weeks than in its first three years.
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