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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power. -
The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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Board members voted five to four in favor of rate increases but fell short of the two-thirds majority required.
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A total of 10 events caused more than $1bn in losses each.
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The reinsurance and ILS unit posted strong net premium growth supported by additional capital from Hiscox Group.
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The company has forecast a more intense season than originally predicted in May.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
