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The negative L&H result was driven by reserve updates. -
The negative L&H result was driven by reserve updates.
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The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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The insured loss from Beryl in the US was pegged at $2.7bn.
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He left his role as portfolio manager at Hiscox Re & ILS last year.
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Industry losses of $800mn-$1.2bn are expected from Beryl's impact in Texas.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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Chief science officer Steve Bowen said it was still too early to provide precise insured-loss estimates.
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Secondary market activity and hedging would be likely if a Beryl-sized storm tracked toward the US.
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The executive joined in January after a decade at Liberty Mutual.
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This is lower compared to 8.2% recorded by the index in H1 2023.
