Australasia

The broker noted a “significant variation” in renewal outcomes.

In April, the loss modeller pegged losses at A$2.57bn.

Almost 50,000 people have been forced to evacuate.

Tropical Cyclone Alfred and Queensland flooding brought thousands of claims.

The carrier incurred claims from LA wildfires and flooding in Queensland.

The storm made landfall in Queensland, Australia at the beginning of March.

The process for the legacy book is believed to be in the late stages.

Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.

Sources said Insurance Advisory Partners is advising the fac MGA on the strategic process.

Both carriers have extensive reinsurance coverage.

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Almost 300,000 people have been left without power from the storm.