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The carrier took a net EUR838mn of cat losses in the full year. -
Just under half of the $8mn cat losses stem from insurance books FedNat is running off, with reserve strengthening impacted by 2020 reinsurance gaps.
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A similar ‘day of reckoning’ could befall many other carriers as 1.6 approaches, the ratings firm said.
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The firm’s worldwide cat top layer grew by 75%, but its “top or drop” limit declined 25% and aggregate deductibles increased.
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AIG took losses of $28mn for the year from its holding in AlphaCat managed funds.
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The Global Insurance Report from McKinsey sets out industry mega trends, including the proportion of listed carriers that have traded at below book value in recent years.
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The impact on different perils should be distinguished, the advisory firm noted.
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Lancashire posted heavy losses in its Q4 result and said its ILS capital is down materially.
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Scor’s renewals update denotes a continued push to control volatility while Hannover Re is focused on growth.
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This is the fifth issuance from FEMA and carries a slightly higher multiple than the 2021 deal.
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A$209mn of its A$270mn agg reinsurance deductible remains eroded, in line with prior estimates.
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