Risk Factors Update Summary
- Catastrophe losses have increased globally. Recent events include Hurricane Ida and Winter Storm Elliott.
- Climate change models predict an increase in extreme weather events and global regional warming.
- Increased underwriting risk due to exclusions of cyber and communicable diseases from reinsurance treaties.
- Cybersecurity risk increased with cyber incident exclusions implemented for policies effective October 1, 2022.
- Reinsurance market uncertainty due to increased reinsurance prices and reduced availability post-Hurricane Ian.
- Workers compensation policies under TRIPRA require a deductible of $543 million for specified losses.
- Legal proceedings and unpredictable litigation outcomes could impact reputation and reinsurance dependability.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=230557&owner=exclude
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