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25 February 2018

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D&F market faces $300mn Prepa loss from Maria

Catrin Shi 6 December 2017

The Puerto Rico Electric Power Authority (Prepa) has notified its property insurers of a loss of at least $300mn as a result of Hurricane Maria, The Insurance Insider has learned.

Sources told this publication Mapfre leads the direct and facultative property (D&F) placement and writes the first 60 percent, or $180mn, of the $300mn stack.

The remaining 40 percent is placed with multiple carriers in Lloyd's and Miami. The placement is brokered by Willis Towers Watson's facultative team.

The notification...

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