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Progressive makes $40m reinsurance recovery for US winter storms

The Progressive Corporation has revealed that its losses from the recent winter storms in the United States drove a $40 million reinsurance recovery for the firm, after claims exceeded its occurrence retention. Progressive's property insurance business reported a net catastrophe loss ratio of 47.4%, driving a combined ratio for that segment read the full article →

Munich Re expecting winter storm loss in the mid-hundreds of millions

German reinsurance giant Munich Re said that it is expecting its losses from the recent US winter storm and extreme freezing weather event to be in the mid hundreds of millions of Euros. The reinsurance carrier is the first major player to disclose anything on the recent winter weather event, mentioning read the full article →

Cat claims 34% above 10-year average in 2021 on US winter storm: Jefferies

Insurance and reinsurance industry catastrophe claims are likely running around 34% above the 10-year average for the year-to-date thanks to the significant contribution from US winter storms and freezing weather, according to analysts at Jefferies. In its latest update on catastrophe and weather losses facing the insurance and reinsurance industry, the read the full article →

Winter storms mean higher renewal rates into 2022: ILS Capital

Bermuda headquartered ILS fund and investment manager ILS Capital Management, has said that it expects that industry losses suffered from the recent winter storms and Arctic blast in the United States will drive renewal rates higher at the mid-year and also further into 2022. The ILS investment manager revealed an expectation read the full article →

Aon says winter storm losses to hit record level, warns of climate effect

The intensity of extreme cold events such as the recent US winter storms and Arctic deep freeze may become more volatile as the climate changes, Aon has warned, saying that the February loss event will be a record. Currently, insurance and reinsurance industry loss estimates for the recent US winter storms read the full article →

Winter storm losses in Texas drive ERCOT subrogation speculation

The size of the estimated winter storm insurance and reinsurance market loss from February's severe Arctic freeze and the issues suffered by energy organisation the Electric Reliability Council of Texas, Inc. (ERCOT) has raised speculation over the chances of subrogation becoming a possibility for carriers. Record freezing temperatures ended up driving read the full article →

Winter storm losses to factor into alternative capital investor discussions: S&P

Insurance and reinsurance market losses from winter storm Uri and related severe winter weather in the United States may become another factor in the availability of alternative capital, given the loss will highlight the risk of catastrophes being unmodelled and perhaps heighten climate change concerns, S&P has warned. While there's currently read the full article →

Winter storm exposed cat bonds stage partial price recovery

After seeing their prices drop significantly in the wake of the US winter storms and severe freezing weather, a number of the exposed aggregate catastrophe bond tranches have now experienced a meaningful price recovery in the latest cat bond secondary market price sheets. As we explained last week, a number of read the full article →

US winter storm loss creep likely to be prolonged: Aon

The complexities surrounding the development of an ultimate of insurance and reinsurance market losses from the recent US winter storm event are set to be significant, with broker Aon warning to expect a prolonged period of loss creep. Currently, estimates for the insurance and reinsurance market loss range from low double-digit read the full article →

Winter storm losses seen a driver for mid-year reinsurance firming: KBW

Industry losses from recent winter storm activity in the United States are seen as another driver for more firming of reinsurance prices at the key mid-year renewals, according to analysts at Keefe, Bruyette & Woods. KBW's analyst team attended the recent Association of Insurance and Financial Analysts (AIFA) conference and came read the full article →