Property
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses. -
The sidecar takes a 25% quota share of CCR’s worldwide property cat book.
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The firm missed its earning per share target for the quarter.
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She had served as director of underwriting at Nephila since mid-2018.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re.
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Rate increases achieved at 1 January will help carriers keep pace with inflation, the agency said.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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The increase mainly stemmed from an influx of personal property claims.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The senior broker joined the firm in 2018 after a long career at Willis Re.
