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The dispute relates to a portion of Protector’s claim for the fire that centres on an additional facultative cover.
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The reinsurance broking start-up is set to close after just eight months.
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After the KRW storms of 2005, I remember interviewing a top reinsurance broker and making the casual remark that the major spike in property cat pricing must be making his bosses very happy. I envisioned bulging brokerage accounts and big bonuses all round at year end.
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The number of events rose to an eight-year high for the month, the broker says.
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The total return reinsurer wrote $42mn of property catastrophe premium in Q1 and expects to add another $10mn by the end of June.
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The carrier was the only Floridian to report loss creep from Hurricane Irma in the quarter.
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Nephila has also stopped buying ILW cover as the market of buyers shrinks.
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Scor “remains open to discussion” about participating in an alternative reinsurance scheme.
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The Floridian missed estimates, but continued diversifying growth outside of Florida.
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The bill was passed in a 37-1 vote and awaits the governor’s signature.
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The Catlin-Brand start-up brings on board senior property underwriters.
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The Bermudian increased its industry insured loss estimate at the end of Q1 from $8bn at the end of last year.