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The company also announced a EUR2bn share buyback. -
The carrier increased premium by 7% at the January renewals.
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In the absence of interim action, the segment could face an “availability crisis”.
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The carrier pegged its claims expenditure for the LA wildfires at EUR1.2bn.
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Cedants could choose to retain more as cross-share sell-offs boost their capital.
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The chairman said the recent events were akin to Andrew, Katrina and the WTC.
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A higher loss quantum will put a greater burden on retro programmes.
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The reinsurance to close transaction is effective from 1 January 2025.
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The start-up has achieved an A- credit rating from AM Best.
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The annual claims totalled £5.7bn, the largest amount paid out in any year.
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The storm is likely to be one of the costliest weather events in Canadian history.
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The business will prioritise growth in the life segment.
