Property

Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.

SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.

United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.

He is expected to join the firm’s property reinsurance broking team after his gardening leave ends.

The carrier last year said its K sidecar would pick up Covid claims over time.

The initial loss figure was A$1.23bn, with a second report putting the loss at around A$1.3bn.

The pool, which will cover cyclone and related flood damage from July 2022, is expected to bring down the cost of insurance.

The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.

The primary unit swings back to profit, while P&C re earnings expand seven-fold.

The insurer reported no new above-budget weather losses in the quarter.

The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.

Chairman Paul Folino said he expected the deal to be completed over the second quarter.