Laura preliminary insured losses in Texas projected at $150mnThe Insurance Council of Texas (ICT) has provided a preliminary estimate of Hurricane Laura insured losses in the Lone Star state of $150mn.
The right kind of painFor cat underwriters treading the fine line between the pain of further losses in a mounting year of attritional hits and the promise of a sustained hard market, Laura looks like fitting the bill as a manageable momentum builder.
US P&C stocks rise as Laura pushes inland and insurers begin to assess damageUS P&C stocks for carriers and brokers were almost all trading up solidly today as investors appeared to downplay concerns of a major loss impact from Hurricane Laura and bought into underlying prospects for the sector in hardening market conditions.
NHC warns of “catastrophic” storm surge as Laura reaches Cat 4Hurricane Laura will hit the northwest Gulf of Mexico coast with “catastrophic” and “unsurvivable” storm surge that could reach as far as 40 miles inland with “extreme winds” also expected, according to a Wednesday evening update from the National Hurricane Center (NHC).
Houston and Baton Rouge in range as Laura threatens Cat 3 landfallInterest in Hurricane Laura live cat trading does not yet appear to have amounted to transactions as carriers monitor the path of a storm forecast for a Cat 3 landfall near the Texas/Louisiana border tomorrow evening, but with Houston and Baton Rouge in its current range of outcomes.
Suncorp handed reinsurers A$1bn cat bill in FY20, sees “neutral” Covid impactSuncorp passed A$1bn ($720mn) of claims to its reinsurers during its 2019/20 financial year while the company has detailed how lower motor claims due to Covid-19 ware expected to outweigh the impact of reduced premium and potential losses from the pandemic by some A$20mn in its insurance operations.
Axis Re builds out Bermuda property team with Hiscox Re and Guy Carpenter hires Axis Capital has made a double hire in its Bermuda property reinsurance team.
Integral ILS partnership will help TransRe optimize portfolio: SapnarTransRe’s tie-up with Integral ILS will provide the reinsurer with a strategic partner it believes will allow both parties to optimize their portfolios on behalf of their respective capital bases, according to the Alleghany subsidiary’s CEO Mike Sapnar.
TWIA paid 19% more for 2020 reinsurance coverThe Texas Windstorm Insurance Association (TWIA) paid $107.5mn for its $2.1bn traditional reinsurance and cat bond programme that incepted at 1 June, above its budgeted cost of $93.1mn.
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.