ILS
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CEO Juan Andrade laid out the new targets in an investor day presentation in which he said the carrier will become a “digital first” (re)insurer. -
The executive had previously been the head of third-party capital at Axis.
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Reinsurance recoveries and subrogation payouts helped to minimize retained cat losses to $466mn, post-tax.
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The executive says the carrier made strides last year in its underwriting and is well positioned for growth.
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Palomar expanded its underwriting footprint in 2020 as it entered the specialty lines market.
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The insurer will take a pre-tax net hit of $567mn from the winter loss, implying roughly $700mn of reinsurance recoveries before the impact of reinstatement premiums.
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The hedge fund reinsurer reports an underwriting loss of $1.1mn for the quarter, a fraction of the typhoon-driven deficit of a year earlier.
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The broker says the ILS alliance will "meaningfully increase" its capacity in three segments.
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The modelling firm said its study aimed to help insurers “plan for the worst and hope for the best”.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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Pricing dropped to the bottom of the range previously offered to investors.
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The company also lowered the attachment points on its per-occurrence and aggregate property catastrophe treaties after shrinking its portfolio.
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