Property

The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.

The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.

The state’s property carriers are closely watching the progress of Hurricane Ian.

The National Hurricane Center forecasts ‘considerable flooding’ in Florida later this week.

This would become an event of default under the company's outstanding $100mn senior unsecured notes due 2029 and $21mn convertible notes due 2026 if not discharged within 60 days.

The executive joins from Getsafe and has experience at Zego.

Many storm losses would be the result of flood, which is not covered by the standard homeowners’ policy.

Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.

Earlier loss reports suggested the total costs would be much lower – Perils’ first report estimated losses at A$3.99bn, while its second pegged losses at A$4.89bn.

The reinsurer’s executives forecast further price increases and improvements in conditions across the board for 1.1 treaty renewals.

The Scor CEO likened reinsurance market conditions to those seen in large commercial primary lines post-HIM.

A challenged property cat market is expected to open up more opportunities for ILS growth – but the key question surrounds whether and how fast the market can attract more capital to take advantage of this dynamic.