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The ratings agency warns that wildfire is an increasingly risky and unpredictable peril. -
The carrier experienced a benign Q1 for catastrophic loss activity.
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Large losses came to EUR52mn with low retro recoveries.
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Cession ratios declined at three of the four publicly listed Floridians.
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The carrier also reported a $16mn satellite loss during the quarter.
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The company plans to reduce its quota share to 20% from 40%.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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The firm expects pricing and terms and conditions to hold.
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The firm’s ILS unit expanded fee income by 10% over Q1 2023.
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First event tower for the Northeast exhausts at $1.1bn, at $1.3bn for Southeast and $750mn in Hawaii.
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Overall economic losses hit $45bn in the first quarter of 2024.
