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It estimated insured losses from nat cats on track to exceed $135bn in 2024. -
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The carrier attributed the intensification of storms this season to climate change.
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WTW sold Willis Re to Gallagher in 2021 for $3.5bn.
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The executive is currently Asia Pacific CEO.
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The sale of the business was confirmed in June.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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Weiss Ratings has claimed that insurers are short on reserves and deny legitimate claims.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The loss figure has increased 200% from the initial number provided in October.
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The last time Citizens had fewer than 1 million policies was in 2022.
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