Property
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The insurer secured 22 investors with its first public cat bond offering, having previously done a private deal. -
The Californian insurer secured approximately $50mn of additional excess reinsurance limit for residential and commercial earthquake insurance markets.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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The executive said many reinsurers have secured the pricing and terms necessary to cover their cost of capital.
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The broker said the renewal had been “gruelling” for cedants.
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The broker said this was not yet a settled market as work remained underway.
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Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
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The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
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The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
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FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
