Australasia
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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.
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Losses stemmed from ex-Tropical Cyclone Alfred and North Queensland flooding.
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Sources said Insurance Advisory Partners is advising the fac MGA on the strategic process.
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Both carriers have extensive reinsurance coverage.
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Almost 300,000 people have been left without power from the storm.
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Retention levels for reinsurance fell across the different geographies the carrier operates in.
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The Australian carrier disclosed A$426mn in net cat losses during H1.
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The carrier enters H2 with a clean reinsurance programme.
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This follows a ruling to declass the representative proceeding filed against IAL.
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The carrier said reinsurance was a key component of its “low-volatility strategy”.
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David Hughes has a line size of A$10mn with a global mandate.
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