Stocks
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The company said last month that it would redeem 8.9 percent of the Reinsurance Opportunities Fund via a new stock buyback.
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Reinsurers have held the line on pricing as cedants seek to close out deals, with the market showing further hardening.
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This follows Hiscox’s successful raising of £375mn in a share issue earlier this month.
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The combined ratio for select firms could rise 2.4 points to 103.5 percent this year, the agency predicts.
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The carrier expects to restructure quota share and aggregate protections after heavy losses.
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Despite market pressure, HCI is expected to complete its reinsurance programme on schedule, CEO Paresh Patel said.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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The syndicate provides the ILS manager with access to high net worth insurance risk.
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An analyst said the fundraise offered investors “a secure balance sheet” at an attractive valuation.
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Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
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The carrier flagged that it has lower quota share and ILS support this year.
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Losses stemmed largely from February hail, tornado and wind events in the southeastern US.