Reinsurer cat budgets exhausted after Q1
Reinsurers' annual budgets have been exhausted after the major natural catastrophe losses in the first quarter were followed by 150 tornadoes hitting 13 south-eastern US states last month. According to Dominic Simpson, vice president, senior credit officer at Moody's, reinsurers are bracing themselves for the US hurricane season.
"The sheer amount of loss estimates from the first three months of the year has exceeded reinsurers' catastrophe budgets," he said. "If there is a very active hurricane season with significant losses
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