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German actuarial firm Meyerthole Siems Kohlruss warned the losses represented a “turbulent” start to the year.
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The regional ratings provider painted Florida marketplace as “under attack” after Avatar and St John’s had ratings withdrawn last week.
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The court upheld decisions made in October, although it reversed some elements of the case between IAG and Meridian Travel.
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The final bill is likely to be higher as further damage occurs due to gusts of wind.
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Cyber reinsurance premiums may exceed those of property cat by 2040.
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A similar ‘day of reckoning’ could befall many other carriers as 1.6 approaches, the ratings firm said.
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The carrier said AIG Re cut US property reinsurance limits deployed by 10% at 1 January.
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The UK state backed carrier offers property protection against acts of terrorism.
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Mark Groenheide, who has held several positions at HDI and Zurich, was most recently senior vice president of excess and surplus lines at GuideOne.
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CEO Trevor Carvey will relinquish chief underwriting responsibilities to focus on his group strategy role.