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The carrier was seeking to expand its March 1-renewing program. -
Aviation reserve strengthening added 10.1 points to the combined ratio.
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This year’s coverage will involve $2.94bn of new risk transfer.
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These events can also no longer be considered secondary perils, executives said.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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The organization was hoping to grow its reinsurance cover.
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The state-backed carrier has $2.1bn of Alamo Re cat bond coverage.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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The role at PCS included acting as primary touchpoint for ILS.
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But cat bonds are experiencing negative secondary market price movement.
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The agency said it does not expect a “material impact” from the charge.
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Guy Carp CEO Dean Klisura said LA wildfires could slow rate reductions at 1 April.
