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The number has expanded by around 40% from an earlier update, sources said. -
Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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With fee income less understood, a primary acquisition or merger could reset the narrative.
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HCI secured three towers with $3.5bn in XoL coverage.
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Muñoz was also Aon Re chairman for the Latin American region.
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The executive was previously president of insurance programs.
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The $2.59bn renewal is up 45% from last year.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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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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Most of the losses are attributable to a supercell storm in Texas.
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The company also has $100mn for US hurricane events.
