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The number has expanded by around 40% from an earlier update, sources said. -
The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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The $2.59bn renewal is up 45% from last year.
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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.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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The bond will provide named storm and quake coverage in the US.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
