Results
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles. -
The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.
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The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
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The insurance company had set out plans last summer to expand its market share in Florida.
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The ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.
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The ratings agency said there had been no capital inflows through new company formations.
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The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier
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The carrier’s net natural perils cost of A$1.2bn overshot its allowance by A$290mn in a "significant" loss year ending 30 June.
