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The association has also set its one-in-100 PML at $4.45bn for the year. -
The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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The executive chairman has sold around half of his holding back to the company.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.
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The intermediary recorded “one of the hardest reinsurance markets in living memory” as primary rate increases slowed.
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Cedants are grappling with rising rates while coverage narrows.
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Legacy firm Darag has completed a reinsurance agreement with an undisclosed US carrier that carries a transaction value of around $15mn.
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Cedants who came to market in Q4 settled for smaller tranche sizes in recognition of limited capacity.
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Plus this week’s executive moves and all the latest exclusives of the week.
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