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Somers Re is valued at ~$1.3bn, according to disclosures made in Arch’s Q3 2024 SEC filings. -
Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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The reinsurer has made improvements to its life and health segment, it said.
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The industry loss number has increased threefold from an initial $5bn pick.
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Losses from the larger fire will amount to $20bn-$25bn, the modeller said.
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The insurer also added $150mn cat coverage while reducing the total ceded premium for this treaty.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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Syndicate 1200 CEO Graham Evans says growth will likely slow in 2025 as the market reaches inflection point.
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Mathieu Loisel joins the reinsurance broker from New Re.
