Crosswinds Holdings Inc. has revealed that its joint venture investment in Monarch National Insurance Company (Monarch) expects the impact of hurricane Irma to not exceed its first-event pre-tax retention of $3.4 million, net of reinsurance.
Crosswinds is the latest firm to announce the expected impact from hurricane Irma, which tore through Florida and surrounding areas recently, leaving widespread damage and severe flooding.
According to a statement from the company, Monarch’s reinsurance program provides it with around $109.8 million of aggregate protection, with a maximum single event cover of around $68.9 million.
The firm’s reinsurance program remains in-force for future events until the 30th of June, 2018, which includes a cascading structure so that “substantially all layers attach above the per event retention.
“All private market layers of reinsurance protection for Monarch have prepaid automatic reinstatement protection, which affords Monarch additional coverage for subsequent events without incurring incremental premium beyond the original cost of its program,” explains the firm.
