Weather
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The Florida insurer took $17mn of weather-related losses.
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The reinsurer released EUR360mn of reserves during the quarter. -
Its parent career restarted writing business in Q2, assuming $1.1mn of premiums.
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Industry leaders have lifted the expected total loss to a new high.
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CEO John Forney said it was a “tough quarter” for the business.
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The Floridian insurer also transferred $2.9mn of tornado losses to reinsurers in the quarter.
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The French reinsurer put the industry loss from the typhoon at $12bn-$15bn as it stated it is covered up to a $22bn market hit.
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The rate of increase has slowed since the start of the year.
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The seventh issuance this year takes the annual total to $134.08mn.
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On sweltering weeks like this, you can see why climate change has become a talking point that every ILS manager has to cover in their pitch for new investor mandates.
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The insurer expects to report $16mn in net catastrophe losses for the second quarter.
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The hurricane made landfall in Louisiana on 13 July but flooding damage was less than feared.
