Property

The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.

The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.

The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.

The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.

The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.

The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.

The loss figure has been updated from the previous estimate of A$840mn, released six weeks after the event.

The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.

The bond will provide coverage for any named storm in the state of Florida.

The broker has spent around 15 years working for Aon’s reinsurance unit.

The insurer is seeking $100mn in Class A notes and $50mn in Class B notes.

Exposure growth in Japan was in the low-single digits, reflecting a more modest inflationary environment.