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The estimate from the Perils-owned company does not include any losses from Hurricane Debby. -
A hurricane watch is now in effect for the Louisiana coastline.
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Some Canadian cedants have approached the market for top-up cover.
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Rate increases on primary liability placements range from 10% to 20%.
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Umbrella was the exception, ticking up slightly on the month.
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The US carrier abandoned the project due to high price expectations.
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Included is the full utilization of $25mn available under its cat aggregate treaty.
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The report flagged “opportunistic underwriting” by many of the major markets.
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The top four lines posted low-single digit to high-single digit policy count growth.
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Premiums increased 5.6% across all major lines, down from last quarter.
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The consortium backing the MGA is led by Axa XL Syndicate 2003.
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It had planned to non-renew 47,000 DP-3 and 53,000 high-risk homeowners’ policies this year.
