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The Marsh-placed account renews its all-risks cover on 16 November. -
Widespread underinsurance and low exposures will limit losses.
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Citi and Berenberg believe the carrier is more resilient than in the past.
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While attritional losses were up for the quarter, those in the carrier’s core business declined.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The company reported no cat losses but saw a jump in attritional losses.
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The start-up has struggled to build scale since its 2024 launch and has cut back its 2026 stamp.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run to 30%-250% of the country’s GDP.
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The global insurer will pick up a $650mn portfolio of US casualty business.
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AIG will fold the portfolio into its existing business, leaving the liabilities and legal entities with Everest.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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