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The relationship between Florida insurers and their reinsurers is obviously going through a rough patch. It makes you wonder whether the role of brokers this year might be akin to that of marriage counsellors.
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Market participants have welcomed Lloyd’s plans to attract ILS capital but emphasised that cost reductions will be key to making them work. -
The February total compares with $361mn of catastrophe losses for the first quarter as a whole last year.
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TransRe is paying investors a higher multiple relative to its first cat bond deal issued in 2018.
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The insurer posted a net loss of $9.3mn for Q4 2018.
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The insurer reiterated the details of its restructured group reinsurance programme.
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The insurer’s Q4 cat losses take yearly total to EUR1.29bn.
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Pricing settled at the top end of initial guidance at 590 basis points.
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The reinsurer said it had had to pay an increase on its loss-hit aggregate retro cover.
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A large reinsurer is looking at launching an ILS fronting business to fill the gap left by the pending departure from the space of Tokio Millennium Re.
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The move has pared back the carrier’s aggregate losses, benefiting Caelus cat bond investors.
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The insurer took a $179mn hit to its Q4 results from loss of goodwill.
