Wildfire

A 20 percent increase in industry loss estimates for last year's hurricanes and wildfires could see 2017 returns for Markel Catco's London-listed Reinsurance Opportunities Fund drop by a further 8 percent, the retro manager has disclosed.

Markel Catco said that it had to create larger side pockets for its 2017 portfolio than in any previous year, as two-thirds of its year-end asset base was tied up pending loss development.

RMS has appointed QBE senior vice president Adam Sandler as head of underwriting, cyber and model solutions.

PartnerRe took a $28mn operating loss for the fourth quarter as the impact of Q4 catastrophes was partially offset by a $23mn reduction in estimated losses from Hurricanes Harvey, Irma and Maria.

Markel Catco's "eye-catching" hike to its wildfire loss reserves in its December monthly report implies that the Californian disasters triggered the firm's "floating back-up" pillars, according to a Numis analyst's note.

PCS has largely reversed an earlier cut to its loss forecast for Hurricane Irma, estimating the insured damage at $17.2bn, sister publication The Insurance Insider reported.

SoftBank in talks over Swiss Re minority stake; State Farm to pay out $1.3bn for wildfires

Markel Catco's "eye-catching" hike to its wildfire loss reserves in its December monthly report implies that the Californian disasters triggered the firm's "floating back-up" pillars, according to a Numis analyst's note.

The cumulative insured loss number from PCS for 2017 hurricane and wildfire claims now stands at $68bn, with all cat perils in the US totalling $88bn.

State Farm has paid out more than $1.3bn in claims from the two wildfires which hit California last year.

RenaissanceRe CEO Kevin O'Donnell said in an earnings call that catastrophe reinsurance rate increases should continue in the mid-year renewals.

Markel Catco has set the maximum net return on the Catco Reinsurance Opportunities Fund's 2018 portfolio at 23 percent, according to a London Stock Exchange note.