Halden reportsFinance & capital
Halden report · Finance & capitalWhat hit us, and what did reinsurance pay?
Eight large losses and cat events hit Halden in 2026, £172m gross, with £92.4m due back in reinsurance recoveries.
CoVi · Large claimsFictitious
Large losses in 2026
Halden's large losses in 2026, built by Context Visualised. Claims to 30 September 2026.
- 8Large losses and cat events7 still open
- £172mGross incurred£92.4m from reinsurance · £79.6m net
- 18.1%Large loss ratio to datePlan 14.4% for the yearOutside
- 12.4%Cat loss ratio to datePlan 11.7% for the year
When they hit
Bubble size = gross loss- Property
- Specialty
- Casualty
- Cyber
- Cat event
- Rest of the year
Latest first. Select a loss to see the books it hit and what reinsurance paid.
Bubbles show when each loss hit, sized by gross loss. The thin bar on each card compares the loss with the book's largest line or, for a catastrophe, with the realistic disaster scenario.
Source: large loss register and Large loss committee minutes, QMA Q3 2026, reinsurance recoveries ledger at 30 Sep 2026.
LL-26-029 · 21 Sep · Open
Warehouse fire, Jebel Ali
Fronted claim via the UAE partner. Settlement timescales are under review in incident INC-028.
- £16mGross
- £11mReinsurance
- £5mNet to us
- Recovered £11m
- Net to us £5m
Books hit
Book maximum
64% of the maximum line · Max gross line for MENA property £25mReinsurance recoveries
- Property per risk XL · layers 1 to 2£11m
Reserve history
£12m to £16m
Last reviewed: Large loss committee, 29 Sep
LL-26-027 · 12 Sep · Open
Civil unrest, retail portfolio
Riot damage to a retail chain across three cities.
- £11mGross
- £3.3mReinsurance
- £7.7mNet to us
- Recovered £3.3m
- Net to us £7.7m
Books hit
Book maximum
44% of the maximum line · Max gross line for Political violence & terror £25mReinsurance recoveries
- Quota share to Syndicate 9147 (30%)£3.3m
Reserve history
£11m
Last reviewed: Large loss committee, 15 Sep
CAT-26-02 · 27 Aug · Open
Atlantic hurricane, US Gulf coast
Category 4 landfall. Losses across four books; estimates still moving as bordereaux arrive.
- £70mGross
- £31mReinsurance
- £39mNet to us
- Recovered £31m
- Net to us £39m
Books hit
Book maximum
39% of the RDS · US Gulf windstorm RDS £180m grossReinsurance recoveries
- Property cat XL · layer 1£11m
- Indexed cover (ILW) triggered£20m
Reserve history
£45m to £70m
Last reviewed: Large loss committee, 1 Sep
LL-26-022 · 9 Jul · Open
Trucking verdict, Texas
Jury award well above the reserve; appeal lodged. A social inflation case in point.
- £14mGross
- £9mReinsurance
- £5mNet to us
- Recovered £9m
- Net to us £5m
Books hit
Book maximum
93% of the maximum line · Max gross line for US E&S casualty £15mReinsurance recoveries
- Casualty quota share (30%)£4.2m
- Casualty XL · layer 1£4.8m
Reserve history
£5m to £14m
Last reviewed: Large loss committee, 21 Jul
LL-26-018 · 18 Jun · Settled
Ransomware, logistics group
Systems down for 11 days; ransom not paid, recovery costs and business interruption settled.
- £9mGross
- £3.6mReinsurance
- £5.4mNet to us
- Recovered £3.6m
- Net to us £5.4m
Books hit
Book maximum
60% of the maximum line · Max gross line for Cyber large corporate £15mReinsurance recoveries
- Cyber quota share (40%)£3.6m
Reserve history
£6m to £9m
Last reviewed: Large loss committee, 30 Jun
LL-26-013 · 5 May · Open
Platform fire, North Sea
Fire on a production platform; loss of hire under review.
- £22mGross
- £14.5mReinsurance
- £7.5mNet to us
- Recovered £14.5m
- Net to us £7.5m
Books hit
Book maximum
55% of the maximum line · Max gross line for Offshore energy £40mReinsurance recoveries
- Marine & energy XL · layers 1 to 2£14.5m
Reserve history
£20m to £22m
Last reviewed: Large loss committee, 19 May
LL-26-009 · 22 Mar · Open
Securities class action, US tech insured
Shareholder suit after a profit warning; defence costs eroding the limit.
- £12mGross
- £7mReinsurance
- £5mNet to us
- Recovered £7m
- Net to us £5m
Books hit
Book maximum
80% of the maximum line · Max gross line for D&O and financial lines £15mReinsurance recoveries
- Casualty quota share (30%)£3.6m
- Casualty XL · layer 1£3.4m
Reserve history
£8m to £12m
Last reviewed: Large loss committee, 31 Mar
LL-26-004 · 14 Feb · Open
Factory fire, Ohio
Total loss of a packaging plant; business interruption still being adjusted.
- £18mGross
- £13mReinsurance
- £5mNet to us
- Recovered £13m
- Net to us £5m
Books hit
Book maximum
60% of the maximum line · Max gross line for Property D&F £30mReinsurance recoveries
- Property per risk XL · layers 1 to 2£13m
Reserve history
£16m to £18m
Last reviewed: Large loss committee, 3 Mar
What it tells us
What it tells us this quarter
- 18.1%
The large loss ratio is 18.1% to date, against a 14.4% plan for the year.
- £70m
A US Gulf hurricane (CAT-26-02) cost £70m gross and £39m net, 39% of the £180m disaster scenario for that peril.
- £14m
A Texas trucking verdict moved its reserve from £5m to £14m, 93% of the book's largest line.
What we did
What we did about it
From Halden's action log.
- ACT-041
Reprice US trucking accounts at renewal
- Owner
- Chief Underwriting Officer
- Policy (approved by)
- Underwriting · Board
- Due
- 30 Nov 2026
Actions are listed under the policy they sit in. The action log does not record a deciding committee.
Sources
Where the numbers come from
Losses come from the claims system and the large loss committee's reviews. They follow the shape of the quarterly QMA, and catastrophe exposure follows the RDS returns. Since 1 January 2026, Claims Management (Principle 4) is a Lloyd's hurdle Principle. Large losses and recoveries are part of the evidence it asks you to show.
- Board datalarge loss register and Large loss committee minutes, QMA Q3 2026, reinsurance recoveries ledger at 30 Sep 2026
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Halden is fictitious. Its numbers are illustrative.