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Tropical Storm Risk predicts 13 instead of 12 named storms due to a change in trade wind speeds.
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The insurer’s Q2 earnings of $0.81 per share slightly missed analyst expectations.
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Six carriers rated as A Prime for financial stability, with the remainder rated Exceptional.
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Heritage’s CEO Bruce Lucas said he has seen worsening claims abuse in the state despite the legislative reform.
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The follow-up investments take its overall ILS allocation to up to $950mn, as it put in place mandates to respond to higher rates. -
The insurer has “several hundred million” of private reinsurance limit remaining.
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CEO John Forney said it was a “tough quarter” for the business.
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The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter.
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The rate of increase has slowed since the start of the year.
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The ILS unit has reached $1.6bn assets, as Hiscox’s reinsurance group was hit by 2018 loss creep.
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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals.
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The insurer expects to report $16mn in net catastrophe losses for the second quarter.
