Property
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew. -
The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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Shea has worked at RenRe for seven years, most recently having served as head of underwriting for credit before the promotion.
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Lawmakers are taking action to attract more property insurers into the state.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The executive joined Citizens as general counsel in June 2021.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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This was the highest single-year increase for the US index since 2006.
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The ratings firm said a proposed scheme is unlikely to be a long-term fix if reinsurance issues remain unresolved.
