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The $2.59bn renewal is up 45% from last year. -
Up to nine million acres of US land are considered likely to burn.
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The outgoing CEO said the market had been restored as a leader during his tenure.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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Frustration is growing around a promised independent operating model and staff reward.
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Lee Mooney will replace Neil Galjaard, subject to regulatory approval.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Last week, TSR updated its forecast and is now predicting above-average storm activity.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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Plus, the latest people moves and all the top news of the week.
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Most of the losses are attributable to a supercell storm in Texas.
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Eckert said the reinsurance market is still at historically well priced levels.
