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The company also hired Beazley’s Tracy Holm as general counsel. -
Growing economic and population exposures are driving potentially larger insured losses.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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Insured losses were the second highest on record for the first quarter.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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Live since May 2023, the reinsurer has over 40 trading relationships currently.
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The prediction comes after a highly active hurricane season in 2024.
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Total reinsurer capital grew by $45bn in 2024 to $715bn.
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The carrier has received 12,300 claims as of 28 March.
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The shares will be purchased via the open market or private third-party transactions.
