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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31. -
Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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Sykes has spent over 31 years with Aon, with the last 15 of those in Guernsey.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The program will provide excess casualty coverage across a broad range of industries.
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He joined what was then Credit Suisse ILS in 2019, moving from Hiscox Re & ILS.
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The executive formerly served in senior leadership roles at Nomura, Credit Suisse and Goldman Sachs.
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The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.
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The Floridian company applied to be traded on the NYSE.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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Fellow Swedish pension fund AP3 is phasing out its ILS allocation after being active in the sector since 2008.
