ILS

The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.

Industry sources estimate the market to be around $3bn.

The loss aggregator has classified the fires as two separate events for reinsurance purposes.

The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.

The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.

The loss tally is considerably lower than estimates issued by model vendors.

The company increased its full year 2024 adjusted net income guidance.

The proposals include increasing either statutory or CRTF funds.

Citizens also secured $1.1bn of limit for its Everglades Re cat bond.

The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.

The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.

In 2021, SiriusPoint acquired a “significant ownership stake” in the firm, which meant the specialty insurer and reinsurer providing multi-year capacity and paper to the ILS house.