Reinsurers
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Insurance penetration varies, but hotels have “near-total” coverage and strong limits. -
Pre-tax income at the vehicle was $30mn in the first nine months of 2025.
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The storm devastated Jamaica and Cuba, but insurance penetration on the islands is low.
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The firm said this was due to planned returns of capital to ongoing investors.
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Widespread underinsurance and low exposures will limit losses.
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Since 2007, the Caribbean country has received $100.9mn in payments from the CCRIF.
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Many commercial risks will have London coverage, but insured values are relatively low.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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The legacy cover will backstop policies written by its North American insurance business.
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Competition on price from traditional markets is weighing on bond market momentum.
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The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.
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The capital will provide retro cover for life-focused reinsurer Fortitude Re.
