Hurricane Isaias insured losses to top $1bn: AonEconomic and insured losses from Hurricane Isaias, which caused damage along the US eastern seaboard, are both expected to exceed $1bn, according to Aon’s Impact Forecasting unit.
IAG benefits from A$700m of reinsurance recoveries as cost of cover rises 2%Insurance Australia Group (IAG) saw an increase of A$30mn in its non-quota share reinsurance costs as it strengthened its protection during the second half of the financial year.
FedNat CEO calls for further Florida reform as losses outpace rate hikesFedNat’s management has revealed that reinsurers took $46mn of its $94.2mn gross catastrophe losses in the second quarter, while CEO Michael Braun has called for further Florida reform with losses in the state still outpacing rate increases.
Liberty Mutual buys down on core prop cat coverage, estimates Beirut exposureLiberty Mutual has bought down on its core property catastrophe reinsurance programme, buying an additional $200mn layer with its hurricane coverage now attaching at $300mn, while the insurer has also estimated its exposure to losses from the Beirut explosion at $25mn to $50mn.
NOAA the latest forecaster to increase hurricane season estimateNOAA has joined Colorado State University (CSU) and Tropical Storm Risk (TSR) in increasing its forecast for the Atlantic hurricane season, with the US government agency warning it could be one of the busiest on record.
UPC ceded $47mn of losses to reinsurers in Q2Florida carrier United Insurance Holdings (UPC) has revealed that it ceded $46.5mn of its $76.3mn gross catastrophe losses in the second quarter, with management also indicating Irma claims are stable.
CSU and TSR increase hurricane forecasts once againColorado State University (CSU) and Tropical Storm Risk (TSR) have increased their forecasts for the 2020 Atlantic hurricane season, with both now predicting 24 named storms but differing on the number of hurricane formations.
H1 Covid-19 losses to attach AIG’s international cat treatyAIG’s estimated Covid-19 related losses of $730mn net of reinsurance for the first half of the year are based on the expectation that the insurer will recover under its international per occurrence cat treaty, but it still has around half of its retention remaining before attaching its North American tower.
Ed adds RFIB’s Ulhaq to build Mena property fac teamEd has strengthened its international property facultative reinsurance team with the addition of Assad Ulhaq as senior broker and producer.
Mercury General increases reinsurance limit 20% at July renewalMercury General increased the total reinsurance limit purchased in its catastrophe treaty renewal by 20 percent to $717mn, while its premiums for the programme increased 32 percent, CEO Gabriel Tirador revealed on the insurer’s earnings call.
Aon hires Axa XL’s London property reinsurance head TurnerAon has recruited Axa XL’s London international property treaty head Catherine Turner to lead its UK property reinsurance team.
RMS places Hanna insured losses at up to $400mnRMS has estimated that the US insurance losses from Hurricane Hanna will not exceed $400mn, including losses to the National Flood Insurance Program (NFIP) of $100mn or less.
Reinsurance pricing momentum will continue even in light storm season: RenReRenaissanceRe further trimmed its Florida book at 1 June and reduced its Southeast US exposure as it aims its bulked up balance sheet at the key 1 January renewals, with CEO Kevin O’Donnell expecting reinsurance pricing momentum to continue even if landfalling storm activity is quiet.
Excess casualty rates up by more than 30% and public D&O up 60%: AxisRate increases in Axis Capital’s insurance book accelerated to 15 percent in the second quarter, while pricing was up 12 percent in reinsurance as momentum built across the Bermudian’s portfolio, according to CEO Albert Benchimol.
RenRe reveals further third-party capital raise in strong earnings beatRenaissanceRe said it raised over $250mn in gross capital in Q2 through its JVs and third party capital vehicles as it reported second quarter operating earnings of $190.1mn that was just down on the $198.8mn reported in the prior-year period but well ahead of Wall Street forecasts.
Travelers close to attaching $280mn aggregate cover after heavy cat quarterAn active second quarter for severe weather losses in the US means that Travelers has now accumulated around $1.4bn of qualifying losses towards the $1.55bn retention on the $280mn aggregate treaty it restructured at 1 January with a higher attachment point and less limit.
H1 cat activity below 10-yr trends as hurricane season starts early: AonPreliminary natural cat losses for the first half of 2020 are below the 10-year average and median, while historical data does not indicate an early start to the Atlantic hurricane season directly correlates to higher industry losses for the season, according to Aon.
June/July renewal trends included increased ILW buying: AonAon has identified June and July renewals trends such as inclusion of communicable disease language and increased industry loss warranty (ILW) demand in property and employers liability emerging as a potential loss stream in casualty.
Dutt to take president role at AeolusAditya Dutt will take the position of president and partner of ILS manager Aeolus Capital Management after serving a period of gardening leave following his departure from RenaissanceRe Holdings.
Gaglio the latest exec to leave Argo’s Ariel ReAriel Re’s head of US property reinsurance Reed Gaglio has followed his senior colleagues Ryan Mather and Matthew Wilken in leaving the Argo platform in Bermuda, The Insurer can reveal.