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The Californian utilities firm has established a $14bn backstop fund to ensure all liabilities are paid. -
The launch follows the carrier’s decision earlier this year to put CatCo into run-off.
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"Signs of fatigue" are showing in the market as pricing hardens slightly.
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Rates for $40bn live cat trades have risen as the market has grown more wary of a significant loss, sources said.
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The company has created a new management committee as it refocuses on disciplined underwriting.
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Despite shrinkage of the overall pool, new capital providers have entered the market in recent months, the ratings agency said.
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California lawmakers passed a bill in July to create the $21bn utility liabilities fund.
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Reserve strengthening for prior-year catastrophes lifts the overall loss ratio, while specialty line earnings improve.
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The latest quarter was the second-lowest Q2 for issuance volume in the past eight years.
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The company is also placing its Markel Catco reinsurance fund into run-off.
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After an almost two-year absence, Brad Livingston is rejoining the broker to focus on ILS business.
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The company has reached a settlement with Alissa Fredricks and agreed to binding arbitration with Tony Belisle.
