The SPP is likely to be massively oversubscribed and $150m is the stated cap. Thus enormous scale back will happen. All that said i think that those that stick with this one will be rewarded this year.
If you haven't already done so, then go to their website and listen to yesterdays webcast of the results presentation , approx. 1hr15mins. It is very informative. My takeaways are:
premiums going up, they have guided by 5% but that is for full year - clearly I get the impression that they are experiencing well above 5% increase YTD. Cover provided is being reduced / restricted or in some markets withdrawn ( this should lead to less claims percentage). Investment returns have improved on the free float - guiding 3% for this year, and when quizzed sounded very confident ( I think they only got 2.3% last year). Reinsurance position better yet again.
For me that all adds up to a much better year, even if we have a repeat of last years high number of large cats. If we are lucky enough to have a year which is closer to the long term averages on large cats, then i believe they will shoot the lights out!
Here's hoping
Good luck
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