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The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS. -
RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
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American Integrity was looking to replace $79mn of maturing cover.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
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The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.
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The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.
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With a hugely challenging reinsurance renewal ahead, Florida insurers are maximising participations in the state scheme.
