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The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year. -
The reinsurer finds secondary perils accounted for over 70% of natural catastrophe claims.
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The state-backed carrier has instructed broker Guy Carpenter to renew a slightly smaller initial programme than the $2.1bn it placed last year, but will consider options for additional cover.
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Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.
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The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The (re)insurance services company recently hired a COO for its ILS operations.
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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The entity plans to retain up to 30% of risk per program.
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The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
