Property
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Insured losses in 2021 alone hit $20bn. -
Based in Austin and Dallas, Texas, the new company will provide fronting insurance to four US carriers.
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The Sompo International company was placed into run-off in June 2019.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The guaranty association’s board voted on Friday to extend an existing 0.7% assessment into 2023.
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The ratings agency warns latent exposure to property risk could cause capital deterioration.
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Contasta joins the Connecticut-based reinsurer after over 14 years at Alleghany-owned carrier TransRe.
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The latest estimate is an increase on Perils’ earlier figure of EUR3.6bn.
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The Brazilian reinsurer suffered large losses from weather-hit crop producers.
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UPC policyholders could be force-placed by their mortgage lender.
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Berkley also increased its position in Global Indemnity and now owns around 8.5% of the firm.
