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The global market is stabilising and softening, and casualty and specialty lines are generally stable, the CEO said. -
The figures imply first-layer reinsurance recoveries for Helene.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The cyber solution is backed by Mosaic, Chubb and Liberty Specialty Markets.
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The broker posted a net loss of $1.67bn including pre-tax non-cash losses.
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The ratings agency said higher attachment points would make 2024 hurricane claims “manageable”.
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Credit insurers may need to adapt their business mix, client base and types of deals underwritten to stay relevant.
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Most of the $279mn in cat losses came from the reinsurance segment.
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The reinsurance CoR rose 12.3 pts to 92.3% following $364mn of cat losses in the quarter.
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The sale is expected to close next month, though terms are not yet final.
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Pre-tax cat losses were $78mn, or 5.8 points on the Q3 CoR, compared to last year’s $42mn, or 3.2 points.
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The promotion is effective as of January 1.
