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Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar. -
The program will offer liability coverage up to $5mn per occurrence.
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The company will continue to deploy additional limit in property cat through mid-year, the firm’s CUO added.
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Severe weather in March drove monthly and Q1 losses to historic highs.
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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.
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SCS losses were also above average in Q1 due to “lingering” La Niña conditions.
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The law imposes limits on third-party litigation funding, among other changes.
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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
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Insured losses were the second highest on record for the first quarter.
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Industry bellwether results and commentary don't indicate a crisis, despite uncertainty.
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He will replace Scott Lee, who is retiring after 40 years in claims.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
