Berkshire Hathaway
-
This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
-
The reinsurance result was boosted by the group’s acquisition of TransRe last year.
-
Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
-
Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
-
Early private deals have provided far more stability in this year’s renewal than last.
-
Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
-
Given better pricing following a disappointing January 1, the company increased its exposure significantly.
-
The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
-
The renewal equates to 20% of its total 32.5% quota share agreement, with another 10% having recently been renewed by Munich Re and Swiss Re.
-
Fidelis and MS Reinsurance are among the ceding companies that have support from Ajit Jain’s unit.
-
The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
-
The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
Most Recent
-
Louisiana Citizens bond Bayou Re upsizes 83% to $275mn
19 April 2024 -
Allstate pegs March pre-tax cat losses at $328mn
18 April 2024 -
PFZW’s ILS allocation drops 9% in Q1 to $8.3bn
18 April 2024