ILS
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Erik Manning is joining the business from BMS as head of ceded reinsurance. -
The vehicle will take a quota share of all of the risks underwritten by Ryan Specialty’s MGA arm.
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Industry sources estimate the market to be around $3bn.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The state insurer is budgeting for an extra 43% of overall coverage in 2025-26.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The loss tally is considerably lower than estimates issued by model vendors.
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The company increased its full year 2024 adjusted net income guidance.
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The proposals include increasing either statutory or CRTF funds.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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