Results
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The carrier has completed its 2024-25 reinsurance renewal.
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The fund has nine open contracts it is actively trying to run-off, four years after its failure.
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
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Fee income was up by 30% year-over-year to $136mn in 2023.
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Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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The reinsurer’s large losses were down 5% to EUR1.6bn for the year.
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Estimates were revised from $845mn to $740mn.
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ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
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The firm reallocated from short-tail lines amid social inflation concerns.
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The company proposed a dividend of EUR1.8 per share for 2023.
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CEO Hussain said third-party capital in 2023 remained flat.
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The firm’s assets under management dropped to $1.6bn, as a capital return more than offset new inflows.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The vehicle’s loss ratio improved 66 percentage points YoY.
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Munich Re said it saw no reason to lower its expectations.
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The carrier announced a capital repatriation plan of EUR3.5bn.
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The parent also expects the ILS platform’s AuM to grow.
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The acquiring reinsurer will now run off the business.
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The rise was helped by performance fees at DaVinci.
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The reinsurer’s assets under management rose 14% to $3.3bn.
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Monthly cat losses were driven by two major events.
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Its property cat aggregate cover renewed with improved coverage.
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