ILS
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Palomar expanded its underwriting footprint in 2020 as it entered the specialty lines market. -
The insurer will take a pre-tax net hit of $567mn from the winter loss, implying roughly $700mn of reinsurance recoveries before the impact of reinstatement premiums.
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The hedge fund reinsurer reports an underwriting loss of $1.1mn for the quarter, a fraction of the typhoon-driven deficit of a year earlier.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.
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The modelling firm said its study aimed to help insurers “plan for the worst and hope for the best”.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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Pricing dropped to the bottom of the range previously offered to investors.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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The deal is set to pay a higher coupon than most other outstanding CEA bonds, but target spreads are 18% below a similar May 2020 transaction.
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The utility did not disclose which insurers would receive payments.
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The insurer will begin ceding risk to Lifson from January 1 next year.
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Books are scheduled to close on Monday, with final pricing being decided on Tuesday.
Related
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PCS combined estimate at $33.9bn for Palisades and Eaton
February 17, 2025 -
Twia approves 22% budget uplift to $485mn for 2025 storm season
December 11, 2024