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May hail drives Allstate’s pre-tax Q2 catastrophe losses to $757m

US primary insurance carrier Allstate has reported $213 million of estimated pre-tax catastrophe losses for the month of May 2021, which takes the insurers second-quarter total to $757 million before tax. Severe weather and hail storms are the key drivers of May's catastrophe toll, with two large hail events responsible for read the full article →

Catastrophe losses still 17% above average after quieter May: Jefferies

Global insurance and reinsurance market losses caused by natural catastrophes and severe weather events are still running some 17% above the average for this time of the year, even after a much quieter month in May 2021. Analysts from investment bank Jefferies estimate that global insured catastrophe losses in May 2021 read the full article →

ILS funds hit by severe weather impact to aggregates in 0.24% April return

The insurance-linked securities (ILS) fund market delivered a very slightly below-average 0.24% return for April 2021, as the effects of severe weather events in the United States caused impacts to some aggregate contracts during the period. The Eurekahedge ILS Advisers Index was up by 0.24% for the month of April 2021, read the full article →

Allstate reports $544m of catastrophe losses and loss creep in April

US primary insurance carrier Allstate has reported $544 million of net catastrophe losses, largely caused by April's severe US convective weather and hail storms, as well as some loss creep on previous events. The insurer said that the $544 million of catastrophe losses reduces to $430 million after-tax. Five catastrophe events hit read the full article →

Catastrophe losses running 30% above average after April: Jefferies

Despite April being a quieter month globally for insurance and reinsurance market losses caused by natural catastrophes and severe weather, analysts at investment bank Jefferies still estimate that claims year-to-date are running approximately 30% above average. After the first-quarter of the year insurance and reinsurance market losses from natural catastrophes and read the full article →

Cat bond funds outperform private ILS funds, on average, in March

The overall insurance-linked securities (ILS) fund market averaged a 0.22% return for March 2021, which was above average for the month but seemingly impacted by losses booked by a number of collateralized reinsurance and retrocession focused funds. After numerous insurance-linked securities (ILS) funds reported negative performance for February, largely due to read the full article →

Allstate recovers $195m from Sanders Re cat bond, to fill eroded layer

US primary insurance giant Allstate has reported that its losses from the first-quarter winter storms and freezing weather have now enabled it to recover $195 million from the reinsurance provided by its Sanders Re II 2019-1 cat bond. As we've explained before, Allstate's aggregate losses soared on the impacts of winter read the full article →

Chubb reports $700m of pre-tax catastrophe losses on winter storm

In reporting its first-quarter results late yesterday, global insurance and reinsurance giant Chubb revealed a $700 million pre-tax hit from catastrophe events, $657 million of which came from US storms. While Chubb's P&C combined ratio was up slightly at 91.8%, it's testament to the re/insurers scale that this is still well read the full article →

Polar vortex & pandemic “within our risk appetite”, SCOR CEO Kessler says

In reporting its first-quarter results this morning, France headquartered global reinsurance company SCOR revealed that its two biggest hits of the period were winter storm Uri in Texas and the United States, as well as mortality claims from COVID-19, which its CEO said fell "within our risk appetite." SCOR has reported read the full article →

FedNat reports $33m storm Uri exposure, cedes $19.4m to quota share

FedNat Holding Company, the U.S. primary insurance carrier group, has detailed the impact of February's winter storm Uri and its other first-quarter 2021 catastrophe losses, as well as some of the reinsurance adjustments made to help it manage the hit to its balance-sheet. FedNat said that overall its first-quarter 2021 catastrophe read the full article →