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The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group. -
United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.
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Zurich’s cat losses for the first nine months are around $1.5bn, suggesting a lower-than expected contribution from Bernd and Ida which implies the firm may have triggered its aggregate reinsurance coverage, according to analysts.
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FedNat transferred $562mn of its $599mn gross catastrophe losses to reinsurers in the third quarter, company executives said on an earnings call.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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Munich Re CFO Christoph Jurecka reaffirmed the carrier’s commitment to cat business and revealed an expectation of further price increases in 2022.
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The Dutch firm had given the AIG-owned platform a mandate that could range from EUR500mn to EUR1bn, covering US cat reinsurance.
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The carrier will put its Maison Insurance operations into run-off.
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The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10-19%, according to the latest white paper from Karen Clark & Co (KCC).
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The collateralised sidecar of Everest Re was hit by higher cat losses in the period.
