Hurricane Ida 2021

Brit Ltd., the specialty insurance and reinsurance player with a third-party capital management operation under its Sussex Capital entity, is now close to seeing its aggregate reinsurance protection triggered after the major third-quarter catastrophes.

United Insurance Holdings (UPC Insurance), the Florida headquartered but regionally expansive insurer of catastrophe exposed property, benefited significantly from changes made to its reinsurance program at the last renewals, as a larger proportion of its catastrophe losses was ceded to its reinsurers in Q3 2021.

Global insurance and reinsurance giant Zurich has exhausted its aggregate catastrophe reinsurance protection during the third-quarter, as significant losses from hurricane Ida and the European floods took their toll.

During the third-quarter of 2021 primary carrier FedNat reported a reduction in its net catastrophe losses as its robust reinsurance arrangements really came into their own, with the insurer ceding some $562 million of gross catastrophe losses to its reinsurance partners.

Global reinsurer Munich Re’s property and casualty reinsurance division fell to a technical underwriting loss on the back of significant catastrophe losses in the third-quarter, but despite the heavy burden the companies full-year targets remain in sight.

Interesting reinsurance related dynamics in the quarterly results announcement of AIG, as the giant insurer continues to reap the benefits of having expanded and made its reinsurance protection more robust in recent years.

AXA XL, the commercial insurance and reinsurance operation of the global AXA Group, is expected to take a hit of roughly EUR 400 million from hurricane Ida, net of reinsurance recoveries and before tax.

U.S. primary insurer and global re/insurer Liberty Mutual reported elevated catastrophe losses for the third-quarter of 2021, revealing a net $812 million hit from hurricane Ida.

Specialty insurance and reinsurance group Lancashire Holdings reported that its property and casualty reinsurance book grew by 85% across the first nine-months of 2021, as the company deployed more capital and took advantage of a stronger rate environment.

US primary insurance carrier Allstate reported that its catastrophe reinsurance recoveries for the third-quarter of 2021 are now approaching $1 billion, suggesting the carrier has made additional recoveries through the period since it initially reported its losses from hurricane Ida.