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The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events. -
Most claims so far have been for damage to residential property.
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The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
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The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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The company said it expects portfolio positions to reflect the updated figures soon.
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The bonds had been heavily marked down initially.
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According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
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Hurricane Ian losses at United Insurance Holdings (UPC) Insurance have nearly reached the top of its personal lines reinsurance tower, company executives said on its earnings call.
