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Setting aside the storm’s greater potential insured loss scale, the flood risk implies greater exposure. -
Most sources noted expectations of a $50bn+ event, but the range of outcomes is huge.
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The executive had been interim CEO since January.
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The letter also called out California insurance companies for investing more than $536bn in the fossil-fuel industry in 2019 alone.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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Stephen Hitch, senior vice president of underwriting at Xchange Benefits, will lead the new MGU.
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
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The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
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The team of around 30 staff will manage the run-off of Axa XL’s existing book and launch a product with Aviva.
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The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
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The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity.
