-
The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers. -
The carrier pushed London brokers for a reduction in the traditional 15% commission.
-
FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
-
Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
-
Considering Hurricane Ian's impact, rate hardening will only accelerate, CEO Alex Maloney said.
-
Gross written premium grew across all business lines, with P&C reinsurance reporting a 37.5% increase.
-
The combined ratio for Hannover Re’s structured reinsurance and ILS fronting business came in just better than target at 98.2%.
-
The reinsurer raised $122mn in Q3, including $100mn for PGGM joint venture Vermeer and $22mn in its cat bond fund.
-
The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
-
The reinsurer manager described Q3 net inflows as “broadly stable”.
-
The company’s third-party assets dropped $178mn during Q3 to $4.2bn.
-
AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
