Property
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Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn. -
Firm CEO Dino Robusto revealed the news on its Q2 earnings call.
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The round was led by Telstra Ventures, with other funds involved including Hudson Structured Capital Management and ArcTern Ventures.
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The hire comes as other challenger brokers have added ILW experts, including Price Forbes and Lockton Re.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
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The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
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Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.
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The modeller said repairs to infrastructure could run into months.
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The carrier is expecting 30,000 property claims, as well as 5,000 vehicle claims.
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Finpro pricing is still soaring due to cyber ransomware claims and continued D&O pressure.
