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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said. -
The agency forecasts up to five major hurricanes and 19 named storms.
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The cat bond limit total is an uplift of around 60% on the carrier’s 2024 bonds.
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Fox highlighted the increasing role of alternative capital and creative financial vehicles.
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The group reported an 89.7% combined ratio for the quarter.
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Two large storms hit the Midwest and Ohio Valley regions on 14-17 May and 18-20 May.
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As with 2024, pricing pressure has been most acute on top layers.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The Altamont-backed broker has been building out its team since launching in 2023.
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The platform’s aim is to support the ILS industry in ‘getting the marks right’.
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The reinsurer had $2.8bn of natural catastrophe business up for renewal in the year so far.
