Results
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year. -
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R&Q launched Bermuda-based reinsurance sidecar Gibson Re with $300mn of capital in September 2021.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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The performance follows on from a record-breaking return in March.
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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The company is also nearing completion of Interboro Insurance Company’s program renewal.
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The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.
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Net large losses included impacts from the New Zealand flooding, the Turkey earthquake and cyclone Gabrielle.
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HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
