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The carrier is seeking named storm coverage in the state of Texas. -
Sources are expecting multi-billion new limit to be placed.
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The cat bond will initially cover named storms in Florida and South Carolina.
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The cat bond will cover earthquake and named storm events.
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Insured losses from the Christmas storms reached $968mn.
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The vehicle is 52% larger than it was at launch 3 years ago
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Twia’s actuarial and underwriting committee made the recommendation last week.
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The Australian insurer will have $1.7bn of core XOL cover this year.
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The increase in limit reflects the carrier’s growing exposure.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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The Medici cat bond fund experienced the largest growth in AuM.
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The review followed a methodology change.
