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Geico’s loss ratio jumped by nearly 18 points in the quarter on higher claims frequency, on par with results at personal auto rival Allstate. -
The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
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The carrier also estimated its own loss from the flooding as EUR200mn-EUR250mn.
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Managers such as Schroders and Fermat capitalised on investors looking for liquid, remote-risk strategies to grow their asset base in H1.
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More than 100 fires have burned through provinces across Turkey, killing eight people as temperatures reach record highs.
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The Willis Towers Watson CEO also confirmed the broker will not pay out bonuses contingent on the Aon merger.
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The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.
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Reinsurers using Europe primarily as a diversifier to counter risk in peak cat zones are increasingly faced with significant loss events on the continent.
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The firm has done more business via quota shares than initially planned, but said this gave it access to improving primary rates.
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The Hong Kong reinsurer said the move was a ‘natural next step’ in line with the company’s diversification strategy.
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The reinsurance contract indemnifies Intact against losses in excess of a £2.6bn retention on losses occurring before the end of 2020.
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The Texas Big Freeze plus an active hurricane season could see losses balloon in 2021.
