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The renewables market has seen perils such as hail deliver repeated claims. -
Michael O’Neill has been promoted to onshore power and renewables underwriting manager.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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New entrants have contributed to competition in the class of business.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The carrier is restructuring the business into three segments.
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Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
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Anthony Norfolk joins from Swiss Re, where he was a senior engineering underwriter.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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The company received over 10,100 home and auto claims as of January 27.
