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The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states. -
The House amended the Senate’s earlier proposals, adding in restrictions on contractor solicitations but tempering legal fee reform.
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Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.
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The insurer remained in underwriting profit despite the winter storm losses.
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Could investors – and ILS managers – be ready for another attempt at developing the retail ILS market?
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The state’s House Commerce Committee has approved the proposed legislation with three new amendments.
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Some measures have been re-introduced to tackle legal fee multipliers, but the House version remains weaker than a bill approved by the Senate.
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The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
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UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
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Projected spreads on the deal fell by 10%-11% in early marketing.
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The winter increase in litigation from January to March runs counter to the usual trend, whereby cases spike in late spring.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
