Results
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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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The carrier booked a reserve charge of $392mn for casualty insurance.
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The manager’s conservative strategy posted returns of 7.61%.
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The reinsurer said retro pricing had ‘moved slightly in our favour’ at 1 January.
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The carrier faced "significant impact" from a P&C reserve charge on its earnings.
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New business across geographies drives top-line growth of 191%.
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The index posted a positive return in each of the 12 months of last year.
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Growth driven by 14% expansion in reinsurance solutions division.
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The ILS platform ceded around 40% of its total managed premiums of $1.8bn.
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The fund manager operations booked management fees of $31mn.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The Medici cat bond fund experienced the largest growth in AuM.
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The firm told investors yields in the cat bond market are 'still very attractive'.
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The carrier said it expects to maintain combined ratio expectations as it takes a selective approach to casualty lines.
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Market softening likely to being in 2025 as new capital is tempted in.
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The independent manager’s post-Ian growth has helped it more than double from prior estimated assets under management.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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Storms Pia and Henk, followed by a cold snap, follow three years of 100+ combined ratios for UK insurers.
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Meaningful softening in 2024 still unlikely, the ratings agency said.
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The performance continues an unbroken run of positive monthly returns in 2023.
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Steiger will oversee the new article 8 classified fund, based out of Zurich.
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The new fund generated 11.2% in profits for the period from 27 January to 31 October last year.
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The firm’s flagship reinsurance strategy delivered its best performance in its 10-year history.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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The Eurekahedge ILS Advisers Index has posted the strongest performance for October since it started in 2008.
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Swiss Re Alternative Capital Partners assets under management hit $3.3bn as of 30 September.
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AuM stood at $1.5bn as of 30 September, up from $1.2bn as of January 2023.
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The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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Hiscox said outflows from the ILS unit were offset by "record returns" in Q3.
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The Smart Tracker Syndicate 5623 was established with the aim of delivering a ‘smart beta’ portfolio to investors.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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A credit loss owing to a fraudulent letter of credit from Vestto added 1 point to the combined ratio in Q3, insurance president Jeremy Noble told analysts during a conference call.
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Axis set up a new casualty sidecar in the quarter.
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The ILS firm reported $6.8bn of assets under management at the third-quarter mark.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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The firm entered new aggregate excess of loss reinsurance contracts in 2023 that have multiple layers of coverage.
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The Floridian insurer’s loss from the hurricane was within its reinsurance retentions.
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The company’s on-risk Kilimanjaro Re cat bond volumes have been gradually shrinking in the past year.
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The carrier continued to experience a significant level of catastrophe losses this year, which resulted in lower year-to-date earnings than expected, according to CFO Frey.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
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The insurance company had set out plans last summer to expand its market share in Florida.
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The ratings agency has said ILS firms could encounter “pent-up demand” from cedants during the January 2024 renewal.
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The ratings agency said there had been no capital inflows through new company formations.
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The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier
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The carrier’s net natural perils cost of A$1.2bn overshot its allowance by A$290mn in a "significant" loss year ending 30 June.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The group raised $1.5bn in equity capital in May for general business purposes.
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The reinsurer’s large loss cession ratio was 17%, up from 12% in H1 2022.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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The group is looking to grow in Florida and has applied for a November take-out of 75,000 policies from Florida Citizens.
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The reinsurance and ILS unit posted strong net premium growth supported by additional capital from Hiscox Group.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The reinsurer opened its cat bond portfolio to third-party investors last summer.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
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The Healthcare of Ontario Pension Plan (HOOPP) allocation to ILS has nearly quadrupled in size since the end of 2019.
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The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July.
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The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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All 27 funds in the index posted profits in June, with cat bonds marginally outperforming private ILS.
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The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.
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The carrier reported a 66% increase in GWP for its property business.
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The CEO said Chubb has ‘never seen better pricing’ on primary property.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
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The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.
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The carrier’s claims ratio has deteriorated despite an increase in motor premiums.
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The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.
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R&Q launched Bermuda-based reinsurance sidecar Gibson Re with $300mn of capital in September 2021.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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The performance follows on from a record-breaking return in March.
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The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.
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The company is also nearing completion of Interboro Insurance Company’s program renewal.
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The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.
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Net large losses included impacts from the New Zealand flooding, the Turkey earthquake and cyclone Gabrielle.
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HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms.
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Given better pricing following a disappointing January 1, the company increased its exposure significantly.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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Heritage’s Q1 combined ratio fell 35 points to 94.5% from the prior-year quarter, driven primarily by lower weather losses.
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Year to date returns have reached 3.08%.
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The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.
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The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.
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The carrier’s P&C re and CorSo units benefited from price increases at 1 April, as well as the receding impact of Ukraine.
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The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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The company said the result was "encouraging given the challenges of ILS capital raising".
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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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February is the second month in a row where all the funds in the Eurekahedge ILS Advisers Index made a profit.
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The syndicate had the second-lowest combined ratio for 2022.
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The £50mn syndicate made most of its profits in aviation.
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The syndicate’s combined ratio was down for the fifth year in a row.
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The AP2 fund noted currency-hedging effects, turbulent financial markets and Hurricane Ian as factors in its alternatives segment loss for the 2022 year.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.
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The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.
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The large-loss impact to the P&C Re combined ratio rose 0.4 percentage points to 7.9% for the full year compared with 2021.
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.
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The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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The insurer reported an underwriting profit for Q4.
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The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.
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The reinsurer’s retro programme was renewed at a smaller size for 2023.
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Markel gross written premiums ceded to Nephila grew by 45% year over year to $1bn, including program business.
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The company’s Syndicate 2988 exited direct property business.
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This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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The ILS unit earned $5mn of fee income, down by $1mn year on year.
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A difficult fundraising environment had not eased during 2022.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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The reinsurer revealed it raised money in Mt Logan at the 1 January renewal.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew.
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The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
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Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The carrier said GWP was up 12.7% to EUR33.3bn.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
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The (re)insurer has been reorienting itself away from writing property cat.
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The carrier also secured risk-adjusted rate increases of 19% across its portfolio at 1 January.
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The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.
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This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.
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The ILS analysts pegged expected returns for the year at 7.40%.
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The firm missed its earning per share target for the quarter.
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The low-risk group of funds outperformed the high-risk funds in the month and year.
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The index has recorded gains over the previous two months following sharp falls in September due to Hurricane Ian.
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The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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Mt Logan ceded $68mn of premiums to Everest Re in the three months leading up to 30 September – down 41% compared to Q3 2021.
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The partial redemption values Ordinary Shares at $3.33 and C Shares at $17.50.
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Some firms have fared better than others in the competition to raise funds during the year.
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The reinsurance market next year will be a “challenging environment”, which Beazley expects to “shift significantly”, according to CEO Adrian Cox.
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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods.
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Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The reinsurer flagged changes will be made to its retro programme in 2023 after cutting its cat book and as the retro market has hardened.
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The Florida carrier has cut total insured values in the state by 10.3% compared to Q3 2021.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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Hannover Re said that it expected its total gross Ian losses to be slightly below EUR400mn.
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Considering Hurricane Ian's impact, rate hardening will only accelerate, CEO Alex Maloney said.
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The carrier also offered assurances on the strength of its reserving to combat inflation.
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Gross written premium grew across all business lines, with P&C reinsurance reporting a 37.5% increase.
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The combined ratio for Hannover Re’s structured reinsurance and ILS fronting business came in just better than target at 98.2%.
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The reinsurer raised $122mn in Q3, including $100mn for PGGM joint venture Vermeer and $22mn in its cat bond fund.
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Hiscox is approaching the January 1 reinsurance renewals “with excitement”, and is ready to deploy extra capital if pricing proves sufficiently attractive, the CEO said.
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The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
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Peter Zaffino said AIG expected to able to source similar levels of reinsurance capacity as currently given its relationships with counterparties.
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The reinsurer manager described Q3 net inflows as “broadly stable”.
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The company’s third-party assets dropped $178mn during Q3 to $4.2bn.
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AIG’s Q3 net cat losses of $600mn included $450mn from Hurricane Ian.
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The ILS platform has dipped to $7.8bn in assets under management, as ILS revenues were down 44% after the sale of Velocity.
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The company’s combined ratio edged up by 0.3 points despite a two-point reduction in expenses and a 3.4-point reduction in cats.
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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.
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Early reporters emphasised an ongoing demand for structural change.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
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CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
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The insurance group reduced premiums ceded to strategic partners but upped them to reinsurers.
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The Bermudian’s operating loss per share, however, grew nearly four times from the prior-year quarter to $5.28 per share.
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CEO Rob Berkley said the company would likely participate in the space for one to three years if rates remain favorable.
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The firm said inflation and modelling changes had driven the need for bigger limits.
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The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.
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The industry’s performance was running ahead of last year as of end of August.
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The industry net loss and LAE ratios decreased 7.3 points year-over-year, while expense ratios improved by 5.9 points.
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The open market arm of the French state-backed group faced Ukraine and hailstorm losses.
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The broker found reinsurers’ underlying RoE had improved during the period but still fell short of the cost of capital.
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Randall & Quilter’s ambition is to launch additional vehicles once Gibson Re’s $300mn is deployed.
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Cat bond funds posted their first profitable month since March.
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ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.
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In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.
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The broker said EPS estimates for 2023 were broadly flat due to inflation fears.
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The ratings agency warns latent exposure to property risk could cause capital deterioration.
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Allstate CFO Mario Rizzo vowed to continue pushing through auto rate increases.
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The Brazilian reinsurer suffered large losses from weather-hit crop producers.
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The fund’s allocations to general and life insurance investments have grown year over year.
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Third-party reinsurance capital was predicted to hit $95bn in 2022.
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The carrier posted losses from various flooding and hail events hitting Australia in the past year.
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The firm’s European regional treaty cover shrank 9% to $398m.
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The company’s net cat loss fell by 1.7% to $454mn year over year.
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The firm pointed to likely material increases in reinsurance rates for peak zone business in some cases.
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The carrier said pricing on property quota share, particularly in the US, was not keeping pace with inflation.
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On August 1, Demotech downgraded UPC's financial stability rating by two notches to M from A.
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The ceded premium ratio declined by 2.1 points to 31%.
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The group-level cat impact to the combined ratio improved 0.3 points to 1.8.
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The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
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The carrier had improved its combined ratio by 6 points to 99.4%.
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The reinsurer has placed layers of its mortality risk into the capital markets since 2013.
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The reinsurer so far has made no claims on its retro protections for war-related impacts.
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Major losses added 5.4 points to the combined ratio.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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Inflows allowed the unit to step up to the distressed Florida market.
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The ILS firm reported $8.5bn of assets under management at mid-year.
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Axa also announced the launch of a group EUR1bn share buy-back scheme.
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The Australian investor made 5.0% on its ILS investments in the 12 months to 31 March.
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The carrier’s 6% rate increases over 2022 YTD are “subsumed” by larger loss expectations, including rising inflation.
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The reinsurer absorbed large nat-cat claims of $938mn in its H1 results.
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The carrier’s Ki syndicate made an underwriting profit.
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The firm said it was well prepared for hurricane season with no gaps in reinsurance coverage.
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South African flood losses, Canadian and European storms and second-quarter events in the US were cited as contributors to the deterioration.
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Scor said it had cut cat exposure by 21% in 2022 – ahead of a previously announced 15% target – as its P&C business booked a Q2 operating loss of EUR140mn ($143mn), compared with a EUR406mn profit last year.
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The start-up’s top team predicted further rate hardening at 1 January.
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The company aims to run off its cat and property business by 2024.
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The CEO said reduced ILS appetite was a “net positive” for the carrier.
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Fee income dropped 24% year on year, as premiums ceded to other strategic partners fell by 7%.
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The insurer took a larger H1 gain from its ILS platform year on year, but fee income has dropped.
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The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.
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In its Q2 earnings call, CEO Kevin O’Donnell said that the company held its PMLs flat while taking the benefit of increased rate.
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The firm’s Medici and Fontana vehicles were hit by foreign exchange losses.
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The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.
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The insurer said it believed climate change was making property risk less commoditised and more complex.
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The rate-on-line index rise is the steepest uplift in 16 years.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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Its half-year gain was down slightly from 1.43% in the prior year period.
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Private ILS strategies boosted overall sector performance as cat bonds continued to lag.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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Partial owner White Mountains said conditions for ILS investing are “attractive”.
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The allocation increased in dollar terms by just under 2% during the past year.
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he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
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The firm posted a combined ratio of 81.3% for its P&C segment and 91.7% for its specialty unit, improving from 97.7% and 94.8% in Q1 2021, respectively.
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Profits slipped by 3% at the carrier in Q1, driven by floods in Australia, which added to the highest Q1 cat claims in over a decade.
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The company previously had its Demotech rating downgraded from 'A' to 'S'.
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UPC recorded a $33.2mn loss in Q1, with a 30.9% drop in net premiums earned.
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The unit recorded EUR100mn in Ukraine losses on specialty lines during the quarter, while the group suffered a heavy investment impact from the war.
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CEO Laurent Rousseau said the firm would step up actions to reduce performance volatility.
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The reinsurer booked a 104% combined ratio in Q1 on higher than expected cat losses and Ukraine claims, with P&C retro ceded premium up 37%.
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A Q1 results update shows total revenues at Axa XL increased 4% to EUR6.2bn ($6.5bn) as top-line growth was offset by drop in revenue at Axa XL Re.
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Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
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The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS.
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The reinsurer has grown its renewing cat treaty book by 23% year to date.
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
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The firm ‘felt very good about consolidating programmes’, at 1 January.
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The reinsurer said Q1 large loss events included Oz floods, European storms and a sunken ship.
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Third-party assets under management were up $100mn in Q1 at $3.6bn.
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Higher interest rates drove investment write-downs that offset a turnaround in underwriting performance after last year’s first quarter was hit by Uri losses.
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Fee income rocketed by 88% as capital surpassed $900mn.
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The carrier has already secured 85% of all-states, first-event cover for the June renewal.
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Reduced capacity and inflation have driven up prices over April.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
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The result comes as the firm prepares to sell its reinsurance unit as it has slashed catastrophe reinsurance premium.
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The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.
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The ILS platform delivered stable revenues as Markel spent $102mn on its Catco buyout.
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The pension fund is drawing back its investments in Aeolus and Nephila and set up a new mandate with Pillar.
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The firm took $175mn of qualifying losses as cat claims dropped notably from last year’s Uri-impacted quarter.
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The carrier said lines including political risk, credit and surety and aviation were facing claims.
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The firm’s Syndicate 2357 had halved losses to $41.5mn during the year.
-
The syndicate won new backers after Credit Suisse ILS significantly scaled down support.
-
The feeder fund to Neuberger Berman ILS strategies took a defensive stance ahead of 2021 Atlantic hurricane season.
-
The ILS manager’s Lloyd’s business delivered a $55.5mn profit, on an 86.5% combined ratio.
-
The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.
-
Exposure management is prevalent and underwriting profitability is patchy.
-
The reinsurer exceeded its large-loss budget by $166mn.
-
HCI is waiting for the right moment to maximize its chances in Florida.
-
Losses and loss adjusted expenses at the Florida-based firm rose to $63mn from $40mn in Q4 2020.
-
The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
-
The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
-
The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.
-
The firm generated total fees of $40mn including quota share commissions.
-
The carrier recorded $224mn of natural catastrophe losses.
-
The carrier will recognize a $6.8mn after-tax loss associated with the LPT agreement during the first quarter of 2022.
-
TransRe cut its property book by more than 25% but replaced it with casualty growth.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
-
The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.
-
The carrier’s P&C unit delivered a $2.1bn net profit that compared to a loss of $271mn the prior year.
-
The firm said its results reflect its aim to return to profitability in 2022.
-
The carrier took a net EUR838mn of cat losses in the full year.
-
The reinsurer said nat-cat business is one of its most profitable lines but emphasised that it will also chase growth in life and health and Ergo to reduce long-term volatility.
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Munich Re’s P&C re unit reported a Q4 consolidated result of EUR648mn ($735mn), a sixfold increase year on year, as the carrier announced 14.5% premium growth at the 1.1 renewals.
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The firm’s worldwide cat top layer grew by 75%, but its “top or drop” limit declined 25% and aggregate deductibles increased.
-
AIG took losses of $28mn for the year from its holding in AlphaCat managed funds.
-
A$209mn of its A$270mn agg reinsurance deductible remains eroded, in line with prior estimates.
-
The ILS vehicle delivered a loss of $3.9mn to the parent group.
-
-
The exit of key Florida insurers could spur rate increases.
-
Gross written premiums grew by nearly 25%, with similar levels of expansion in primary and reinsurance segments.
-
The carrier cut exposure to both earnings level and highly volatile cat events as it shed risk.
-
The group reported 75% erosion of its aggregate deductible, below an earlier estimate
-
The 5%-7% uplift came in ahead of a smaller November gain connected to 2019 catastrophes.
-
The group will look to build on synergies between its insurance platforms.
-
The ILS firm’s management fees, however, fell back compared with 2020.
-
CEO Albert Benchimol pledged to grow the company’s specialty business as the catastrophe portion of its 1.1 book shrank by 10 percentage points.
-
The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
-
The company’s DaVinci fund grew by $500mn as it took in a higher share of cat risk from the group.
-
The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.
-
The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
-
An RAA study found that for the nine months ended September 30, the combined ratio for group of US reinsurers deteriorated by 0.5 points to 100.7%.
-
Catastrophe losses push P&C industry CR higher, send industry to underwriting loss for first nine months of the year, AM Best estimates.
-
The four major European reinsurers reported strongly improved results in the first nine months of 2021, despite the heavy toll of catastrophe claims, according to analysis from Fitch.
-
The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.
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United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.
-
Zurich has exhausted its $450mn aggregate reinsurance cover after booking around $450mn in losses from Hurricane Ida and $150mn-$200mn from Storm Bernd.
-
The carrier will put its Maison Insurance operations into run-off.
-
The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.
-
The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
-
Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses.
-
Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
-
The carrier has $175mn remaining in its aggregate retention and is expecting limited catastrophe losses during Q4 given their treaty cover.
-
Eclipse Re has issued a series of large private ILS issuances across four tranches totalling $277.2mn, significantly boosting year-to-date volumes, Bermuda Stock Exchange filings show.
-
AIG has disclosed that AlphaCat’s AuM was $3.5bn as of 30 September, down by $300mn from the $3.8bn reported for Q1 2021, and 17% from $4.2bn a year ago.
-
The gross written premium increase was driven predominantly by cyber and executive risk, which grew by 44% year on year.
-
HannoverRe said that EUR180mn of its EUR221.6mn ceded Ida losses stemmed from ILS businesses that Hannover Re fronts.
-
Suncorp has estimated that weather losses in the past three months have eroded the A$650mn deductible on its A$400mn aggregate excess of loss (XoL) treaty by up to A$561mn, or 87%.
-
The biggest increases in GWP came from the carrier’s P&C reinsurance and P&C insurance segments.
-
The insurer said its plan was to fully transition the book to the fund.
-
Despite the drop-off in AuM, Markel boosted ILS operating revenues significantly in the quarter.
-
The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.
-
The insurer’s reinsurance and ILS business is “performing strongly,” said outgoing CEO Bronek Masojada.
-
The Florida carrier saw development from hurricanes Irma and Sally.
-
The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
-
The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.
-
The executive said there was a strong case for meaningful rate increases in reinsurance.
-
Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
-
The reinsurer grew GWP by 25% in the quarter to $3.5bn, while dropping its companywide attritional loss ratio by more than five points.
-
The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.
-
The Corporation’s CEO also warned that the increasing use of captives was “dangerous” for clients.
-
The carrier launched a share buyback and announced portfolio rebalancing actions.
-
The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon.
-
Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.
-
The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
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Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
-
The carrier also signalled unfavourable reserve developments linked to asbestos and environmental exposures.
-
The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
-
The preliminary result was achieved despite EUR600mn losses from Bernd damages, as well as EUR1.2bn losses from Hurricane Ida.
-
Its $725mn estimated losses equated to 10% of shareholders’ equity and came in ahead of its Q3 2017 losses of $617mn.
-
Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
-
The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.
-
The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
-
The Eurekahedge ILS Advisers suffered its steepest August fall on record.
-
California wildfire loss notifications relating to 2017 and 2018 fell.
-
The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
-
Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
-
Natural catastrophe losses were up year-on-year, but without fresh Covid losses the London market returned to profit.
-
The (re)insurer reported $30.5mn of fee income for the half-year.
-
Gibson Re will be domiciled in Bermuda and reinsure 80% of R&Q’s new qualifying legacy transactions.
-
Proactive price action is enough to keep pace with inflation – for now.
-
Excluding prior-period reserve charges, the Illinois-based company estimated total cat losses at $211mn from 18 events.
-
The insurer said it had "a tsunami of rate rolling onto the book".
-
The insurer reported a combined ratio of 283.5%, sharply worse than the 147.9% in Q2 2020.
-
The carrier benefited from a shrinking of large losses and strong investment returns.
-
The carrier made recoveries on only one disaster event in the past year.
-
The Florida insurer’s CEO said he was “cautiously optimistic” that legal reforms would benefit insurers struggling with rising loss inflation.
-
The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
-
The insurer had a record quarter for earned premiums, linking the boost to the growth of TypTap, which recorded $39mn in earned premiums.
-
The Florida insurer’s combined ratio rose to an unprofitable 105.2% on higher weather losses and an increase in ceded premium.
-
The insurer kept prior-year reserves for Irma stable and said its “transition” plan was underway.
-
The carrier could not yet discern whether Q3 flooding losses will hit the $2.4bn programme, however.
-
There was a 13 percentage point spread in performance amongst index participants, the highest in the past year.
-
Executive board chairman Jean-Jacques Henchoz said earnings for H1 were up to pre-pandemic levels.
-
The firm’s co-CEO Richie Whitt said the firm might also consider growing its retro portfolio.
-
The new retro fund launched with $98.9mn after an extended development phase.
-
The reinsurer had previously signalled it would grow its net reinsurance portfolio after deploying less third-party capital.
-
The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
-
CFO John Dacey also urged primary carriers to be “realistic” on rising extreme-weather costs.
-
The Q2 results update came at the end of a week in which an agreement to acquire Willis Towers Watson collapsed.
-
The carrier said July flooding in Europe and South African unrest would bring losses in the mid-triple-digit million range for Q3.
-
It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
-
Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
-
The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
-
Darren Redhead, head of Lancashire Capital Management, said he thought an uplift in industry ILS capacity was “a bit of a one-off" due to Covid-19 releases.
-
The underwriting gain was Chubb’s best ever, and P&C growth was the fastest in 15 years, as CEO Evan Greenberg described the company as “firing on all cylinders”.
-
CEO Albert Benchimol said it would continue to ‘manage down’ catastrophe volatility.
-
The insurer grew its top line by 41% in the first half of 2021.
-
The carrier increased reserves for P&C Covid-19 losses by EUR109mn in the quarter after UK and France court decisions.
-
The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
-
The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.
-
The firm is working on an ESG consortium to add to the third-party capital division from next year.
-
The reinsurer posted intakes to its Medici and Upsilon funds.
-
Heritage expects to incur $24.5mn of net current accident quarter catastrophe losses and $11mn of net current accident quarter other weather losses in Q2 2021.
-
Catastrophe losses for the month fell to $195mn, a sharp drop from the prior year’s $752mn.
-
The more cat bond focussed vehicle added just under $300mn in the half-year.
-
UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events.
-
In the later stages of its liquidation, the manager’s listed fund has made an 8% uplift in May on fire releases.
-
The investment house made a blended 0.7% underwriting return via its holdings in Elementum funds and 7% cash yield from its ownership stake in the firm.
-
The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
-
The limited liability vehicle consolidator, which has raised £75mn in capital in recent months, reinstates a dividend.
-
The insurer’s overall top line rose 16% as cat claims reached $70mn.
-
The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.
-
The Bermudian booked a $4.6mn loss from Winter Storm Uri.
-
This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
-
Parent AIG’s cat losses remained elevated in line with the prior-year Covid-19-impacted quarter.
-
The Floridian reported a higher loss ratio after making recent portfolio acquisitions but benefited from premium growth.
-
Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
-
Higher underlying losses also cost the Floridian insurer, but it managed to deliver prior-year reserve releases.
-
In total, the changes will lift the exhaustion point on its reinsurance by $779mn from last year, although some gaps remain as its cat bond recovery rose to $195mn.
-
The carrier lifts premium by 17.1% at the April renewals.
-
United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.
-
The carrier last year said its K sidecar would pick up Covid claims over time.
-
The reinsurer’s net exposure was up 36% as it retained more risk in retro and North American cat.
-
The carrier increased premium volume by 20% at 1 April as Japanese cedants lifted limits.
-
The primary unit swings back to profit, while P&C re earnings expand seven-fold.
-
Lancashire Capital Management says little to no impact from Uri
-
The carrier yesterday shook of $64mn in Uri claims to report a return to profit.
-
The insurer returned to underwriting profit after last year’s Covid hit, but the reinsurance segment faced higher non-Covid cat losses.
-
The insurer reported no new above-budget weather losses in the quarter.
-
Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.
-
The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.
-
Covid-19 losses remained stable as the insurer said rate rises should endure.
-
The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.
-
The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
-
The Floridian insurer expects net current quarter “other weather” losses to make up $16.1mn of the claims tally.
-
Nephila was one of the fastest-improving syndicates and moved into the third quartile for combined ratio performance, while Arcus slipped into the fourth quartile.
-
The insurer racked up $915mn of qualifying cat losses after winter storms.
-
Primary unit Ergo was among the positive drivers that eclipsed above-average, Texas-storm-driven major losses within P&C re.
-
The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
-
UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
-
The French carrier grew its top line by 14.3% at the April renewals.
-
The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
-
Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
-
The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
-
-
Underwriting profits in future must be able to counteract reduced investment income due to ultra-low interest rates, the CFO said.
-
The syndicate’s net earned premium halves to £34mn.
-
Covid-19 and nat cat losses take a higher toll on the ILS firm’s MGA unit.
-
Property reinsurance losses were up by 70% year on year, but property insurance business reported a steeper loss.
-
Covid-19 claims are expected to reach £6.2bn on a gross basis as major claims added 23 points to the 2020 combined ratio.
-
The Fosun-owned carrier’s underwriting margin improves by 3.4 points to 11.2%.
-
The ILS manager offered to repurchase 20% of Interval fund shares, but this failed to meet investor demand to exit.
-
Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.
-
CEO Patel likened the InsurTech to “sending a man to the moon”, as the Floridian remained in profit despite $10mn of losses from Eta.
-
Short-tail underwriting earnings almost double, while long-tail slips into the red.
-
The carrier also said the Texas Big Freeze will be a "high double-digit million" loss.
-
The overall $96mn year-on-year increase in ceded losses was mostly driven by higher storm activity, UPC said.
-
Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.
-
The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower.
-
RSA has reported £259mn ($361mn) in Covid-19 losses for 2020, as well as a reduction in premium for the year of £166mn due to the pandemic.
-
The carrier has recently gained sidecar investment by Covea and private equity firm Olympus Partners.
-
The carrier is “very optimistic” on Japanese and US renewals this year, and outlined plans for growth in various lines and regions.
-
Parent Axa reiterates its target of EUR1.2bn of earnings at the unit this year as it unveils an ADC deal with Enstar.
-
The carrier revealed 10.9% premium volume growth at 1.1.
-
The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
-
The reinsurer lifts the division's Covid-19 loss assessment by EUR28mn in the fourth quarter within a set of results that beat expectations.
-
Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
-
Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
-
The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.
-
The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
-
The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
-
The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
-
Fairfax has sold a 14% stake in the carrier to Canadian pension fund Omers for $375mn.
-
The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
-
The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
-
The Australian carrier reported a 3% increase in reinsurance spend over the six-month period.
-
Lancashire Capital Management delivered an 80% uplift In the reinsurer’s share of profits from its retro-focused portfolio.
-
The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
-
Assets under management at the sidecar rose 12.5% year-on-year to $900mn by the start of 2021
-
This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.
-
The French reinsurer reported average treaty price increases of 7.8% in January and predicted rate growth through to 2022.
-
Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
-
The combined ratio improved overall despite the marked increase in catastrophe claims.
-
The follow-only syndicate Smart Tracker is set to grow to $200mn in 2021.
-
The carrier maintains its 2021 profit forecast amid 8.5% 1 January premium growth.
-
The $296mn of reported cat losses were down 31% year on year.
-
CEO Zuraitis said the company’s nearly $9mn in recoveries allowed it to achieve "below market" pricing on its program.
-
The total increase to the Bermudian firm’s AuM will be “tempered” at the start of the year due to timing of allocations, cat losses and side pocketing.
-
Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.
-
The intermediary cited Convex and Vantage among new entrants adding capacity to the market at the renewal.
-
The carrier’s combined ratio increased to 109.6% last quarter, up over 2 points year on year.
-
RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
-
RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.
-
The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
-
The sector has received a post-Covid boost heading into January, with strong interest in liquid cat bonds, but challenges around structures, pandemic exposures and lifting ESG commitments will remain.
-
Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
-
The latest issuances take the 2021 Seaside Re bonds to $136mn in total, down 10% from last year.
-
By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.
-
The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
-
But Barclays warns the judgment could result in more substantial loss creep for major European reinsurers.
-
Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say
-
Net assets across the manager’s interval and high-yield reinsurance funds totalled $3.82bn at 31 October, down 31% from a year earlier.
-
Defence costs are expected to remain elevated, as weather losses have also weighed on results.
-
A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.
-
The deal took Alturas transactions to $115mn for the year to date as syndicated sidecars are expected to continue shrinking.
-
The carrier’s long-standing client Alfa has become an equity investor.
-
The Credit Suisse-managed firms will stop underwriting new business as of 1 January.
-
The $100mn+ Bonanza deal is the Floridian’s third foray into the cat bond market
-
The permitted growth has accelerated from a 7% increase moving from 2019 to 2020.
-
David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
-
The Zurich-based manager holds the industry's fourth spot after a steeper year-end 2019 drop.
-
Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
-
Returns could remain at that level if the current period remains loss free.
-
The German carrier says P&C gross written premiums expanded 3% to $27.3bn in the period.
-
Fee income stayed flat but AIG's share of AlphaCat investment results dropped.
-
The carrier is moving to lift quota share support to reduce its retained exposure.
-
The London-listed carrier expects 110% combined ratio for 2020 as it lifted cyber loss assumptions.
-
The carrier adds just EUR8mn to its running Covid-19 claims tally, which now stands at EUR256mn.
-
The carrier, which has announced a strategic review, bought a further $5mn reinsurance top-up after storm Delta that will be triggered by Zeta claims.
-
The carrier leaves its Covid-19 loss estimate unchanged at $42mn.
-
The carrier’s year-to-date pandemic losses in P&C re hit EUR2.1bn.
-
CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
-
The reinsurer passed lower natural catastrophe losses to retro partners than in Q3 2019, but Covid ceded losses rose to EUR173mn.
-
The performance of the P&C reinsurance segment was underpinned by a large increase in catastrophe losses.
-
The reinsurer bolsters P&C re Covid-19 reserving by EUR100mn in the third quarter, taking the total to EUR700mn.
-
Parent Axa leaves its EUR1.5bn estimate for Covid-19 losses unchanged at the nine-month mark.
-
The Floridian carrier is not looking to expand in Louisiana or Texas, citing the elevated catastrophe risks.
-
The carrier reported increased favourable development but sank to a combined ratio of 123% on what the CEO labelled "unprecedented" weather losses.
-
The carrier's ILS assets under management remain in line with prior estimates, at $1bn deployable capacity.
-
The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
-
The reinsurer’s CFO warns pandemic “is not over” and declines to guide on year-end result.
-
Cat claims stemmed from hurricanes Laura, Sally and Isaias, the Midwest derecho and California wildfires.
-
The company’s gross written premiums were up 16% in the period year on year.
-
Natural catastrophes during the quarter cost the insurance group $219mn.
-
The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.
-
The carrier also reported lower managed premiums, which weighed on its results.
-
RenRe thinks the major cat losses of Q3 will cause the property cat market to harden throughout 2021.
-
RenRe suffered nearly $322mn in net catastrophe losses in the third quarter, with a further $100.6mn going to third-party investors.
-
Markel's ILS revenue dropped 30% amid Catco run-off and growing side-pocketed assets at Nephila.
-
Nat cat events make up over two-thirds of the Q3 losses, with Covid-19 claims accounting for 23%.
-
The carrier says higher retro renewal costs will act as a counterweight to rising rates.
-
The carrier says higher retro renewal costs will act as a counterweight to rising rates.
-
CEO Alan Schnitzer acknowledges coming reinsurance rate hikes.
-
“Non-Covid” claims in the quarter also came in above average, with the Beirut blast its largest man-made loss.
-
Quarterly losses were led by the Midwest derecho, Hurricane Isaias and the Glass Fire.
-
The fund also grew its net assets by 15% to about $142mn.
-
The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
-
The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
-
The Corporation said 25% of its losses came from property classes of business.
-
Pandemic claims contributed to a 670% year-on-year increase in cat losses.
-
The carrier said it had added new ILS structures, as it took $187mn in Covid losses.
-
The improved premium environment started to show up in returns, but Covid-19 losses are also emerging, ILS Advisers said.
-
The company said it was liaising with cedants about effects of subrogation payments from PG&E.
-
Subrogation recoveries from 2017 and 2018 wildfires put the carrier’s overall July catastrophe bill in credit to the tune of $334mn.
-
Maturities and payouts for 2017 and 2018 events outweighed a flurry of new deals.
-
The absolute quantum has moved but the outlook is broadly the same, CFO Quinn said.
-
Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
-
The sidecar's asset base has fallen by around $140mn in the past year.
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Warren Buffett’s reinsurance business fell to a $1.1bn loss as Covid-19 and prior-year casualty losses hit the result.
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The company increased non-cat reserves by $26mn in the second quarter.
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Everest Re said it has written more retro and has enough firepower for market opportunities.
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Cat losses were down 50% year on year, but pre-tax pandemic losses totalled $160mn.
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The insurer reported favourable reserve development and ceded $30mn of minor weather losses to reinsurers.
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Major losses from natural catastrophes were comparatively low at EUR167mn for the quarter.
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Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half.
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The insurer had previously confirmed details of its $4.5bn treaty renewal.
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The P&C business posted a EUR167.9mn underwriting deficit on EUR380mn in Covid-19-related losses.
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An expanding book of primary business and the elimination of quota share agreements helped boost profits.
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AIG turned a $2mn investment loss from its small stake in the ILS manager's funds.
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The firm's ILS AuM remains at $1.5bn nominally, but reserves pulled deployable capital to $1bn.
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The outgoing CUO emphasises large pro-rata book and interest rate impact.
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Nat-cat experience was slightly adverse but Covid-19 losses were the main driver.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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Universal ceded $11mn of prior-year losses to reinsurers.
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The insurer said it has substantial reinsurance cover available although none have been drawn on yet.
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The carrier has reduced its frequency risk while lifting exposure to tail events.
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CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
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The insurer also noted it was cutting back lines exposed to Covid and nat cats.
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The (re)insurer also said most of LCM’s investors have appetite to go forward and remain active in the ILS market.
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Investment income fell by over 65%, weighing on improved underwriting results.
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The manager’s MGA operations boosted ILS revenue despite lower AuM.
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The reinsurer did not provide an updated Covid-19 loss estimate.
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Parent Lancashire fell to an underwriting loss for the first half after lifting its Covid-19 loss estimate to $42mn.
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Early Q2 forecasts show Covid-19 losses well short of initial hit to carriers from 2017 hurricanes.
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The Australian carrier lifts its guidance on natural catastrophe claims to A$904mn ($644mn) from $850mn.
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The carrier said $130mn of pre-tax Covid-19 losses came from its reinsurance segment.
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The French reinsurer guides away from an equity raise as it predicts further rate hardening.
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The insurer also took a $400mn subrogation gain on wildfire losses.
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Six-month figures beat long-term average of $20bn with North American natural disasters driving the majority of the losses.
-
The firm grew its cat book 13% in the June-July renewals.
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The group-wide impact came to $2.5bn including the firm's life and insurance businesses.
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The Australian insurer had a relatively low reinsurance trigger on its UK BI loss exposure.
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Lower-than-average major losses helped offset nearly $800mn in pandemic-related claims.
-
This week the team looks at the underperformance of Bermudian syndicates at Lloyd’s.
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The estimate is in line with Argo's earlier projection and will likely precede additional announcements from the sector in the coming weeks.
-
Investment returns rebounded to a 2.7 percent gain for the half-year to 30 April.
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The restructure of finances also brings CDPQ in as debt provider and lines up a £300mn+ M&A war chest.
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Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
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The sidecar’s loss ratio improved by 30 points year on year.
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The result fell below the 10-year monthly average of an 0.11 percent gain.
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The firm's new minority investor reaped half-year returns of 2-4 percent.
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Despite market pressure, HCI is expected to complete its reinsurance programme on schedule, CEO Paresh Patel said.
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The “magnitude” of claims could ease in future quarters, Argo CEO Kevin Rehnberg said.
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Plummeting global markets have reduced the value of the carrier’s investments, results show.
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CEO Kevin O’Donnell said the firm was relying on cedents who advised of minimal property BI exposure.
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The sidecar’s AuM has held steady and remains an important hedging mechanism to the reinsurer, it said.
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The carrier abandoned plans to do a new cat bond and boosted traditional cover on “better terms”.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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The insurer reserved an estimated £17mn for certain BI claims in Q1.
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Catastrophe losses were EUR208mn, up 6.6 percent from last year.
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Cat losses amounted to $30mn, compared with $25mn in the first quarter of 2019.
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The Floridian insurer said it has secured most of the reinsurance limit it requires ahead of the 2020 hurricane season.
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Covid-19-related catastrophe losses at TransRe contributed to a Q1 underwriting loss.
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The carrier took a separate EUR220mn charge connected to Covid-19 losses.
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The carrier expects event cancellation losses from Covid-19 in the “mid-triple-digit-million euros”.
-
The firm's general insurance CEO highlighted that various reinsurance programmes were expected to cover the firm's gross losses.
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Losses stemmed largely from February hail, tornado and wind events in the southeastern US.
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Quarterly operating profit slipped 31 percent year on year, narrowly missing an analyst estimate.
-
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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Alternative capital could provide higher levels of support in the coming months, CUO Edi Schmid said.
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The carrier’s P&C reinsurance business reserved $253mn for Covid-19 in the quarter.
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The group’s Covid loss represents 2.9 percent of shareholders’ equity at year-end 2019 as it swerved contingency claims.
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The carrier reported no material coronavirus claims for Q1 and beat S&P analysts’ earnings-per-share consensus by 34 percent.
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The carrier has now exhausted its private reinsurance cover for 2017 storm Irma, with $1.3bn of public reinsurance cover remaining.
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The Floridian insurer remained in underwriting profit but recorded $4.3mn of prior-year loss creep.
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Carrier books $10mn loss on WHO pandemic bond
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The carrier included just $13mn in Covid-19 losses as the event will be tracked as an ongoing catastrophe.
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The firm said it expected its solvency ratio to be comfortably above its requirements.
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The insurer's Q1 net profit fell 25 percent to $600mn as cat losses were almost double those of Q1 2019.
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Its pandemic maximum loss is projected at half the levels from a North American hurricane.
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The companies warn that the pandemic will likely cause losses and devalue their books and investments.
-
The fund generated more than double the return on the Swiss Re Cat Bond Index in Q4 19.
-
UK clients have formed an action group and are seeking a legal opinion on their BI claims.
-
The MGA insurance business returned an underwriting profit of $1.4mn having made a loss of $75.1mn in 2018.
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The Swedish state pension fund currently allocates to three ILS managers: Fermat, Credit Suisse ILS and Elementum.
-
The syndicate tripled its cyber premium income from a low base.
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The three ILS-backed syndicates at Lloyd’s narrowed their losses in 2019.
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Cat losses were £1.1bn lower year on year at £1.8bn.
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This came as major losses ceded to retro partners reached EUR541mn.
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GWP was up 53 percent in the last quarter, reflecting the growth of the InsurTech subsidiary.
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The “vast majority” of the Irma loss increase would be covered by the Florida Hurricane Catastrophe Fund, CFO Frank Wilcox said.
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The carrier is pushing for “payback across portfolios”, Scor’s global P&C CEO Jean-Paul Conoscente said.
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But the carrier’s CEO stressed the importance of moderation in the price hikes.
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The carrier noted that the nat cat loss figure for 2019 was EUR2.05bn, almost double that of the year before.
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Scor posted a fourth-quarter operating loss of EUR29mn ($31.7mn) for its P&C unit, which was almost two thirds down on the prior-year quarter’s loss.
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The group CUO stressed that returns shouldn’t be judged on a one-year period.
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The Bermudian ILS platform returned to profit after a loss-making 2018.
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The Floridian has strengthened reserves for attritional homeowner losses amid continuing impacts from assignment of benefits issues.
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Greg Hendrick has been replaced by Chubb’s Scott Gunter.
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Large cat and man-made losses for the year amounted to $2.3bn.
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The carrier said the market was in the early stages of rate change and it was hard to know how long improvements would last.
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The (re)insurer should benefit from profit commission later in the year, chief executive officer Darren Redhead said.
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Third-party investors recorded a $2.6mn underwriting profit for the year.
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The carrier posted $1mn investment income from its investment in AlphaCat funds for the period, compared to a $12mn loss in Q4 2018.
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The platform delivered $5.9mn in profit to Lancashire from its 10 percent stake in the funds.
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The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite.
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The company is keeping a near-A$300mn capital gain on hand as it plans for flexibility around its reinsurance renewal.
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The Everest Re sidecar began 2020 with $819mn of assets under management.
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The firm's cat excess-of-loss book rose 7.8 percent.
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Costs associated with Markel's investigations into Catco drove ILS expenses up tenfold for the insurance group in 2019.
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The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
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The Zeist, Netherlands-based organisation has brought two new reinsurance partners on board for 2020.
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The (re)insurer has cut its peak risk exposures by more than a third in some cases.
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Fee income from capital partners nearly doubled to $80.2mn in 2019, up from $48.5mn in 2018.
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The carrier confirms A$519mn of natural hazard losses in its fiscal first half.
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The insurer cut back the 2020 placement after making claims on the deal's first year in effect.
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Pricing dropped 6 percent from the midpoint of the initial range to reach 9.75 percent.
-
Smaller-scale ILS firms won further market share as investor reshuffling continued.
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Further retro price increases at 1 January may not have yet produced much impact on the underlying reinsurance markets, but the true test will come at 1 June.
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Reinsurers pegged 2019 nat cat losses 23 percent lower than the 10-year average, but prior-year disasters created headlines.
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Over the past decade, the cat bond market has produced an average annual return of 6.38 percent, and 7.48 percent for 2019, Aon has calculated.
-
The average cat bond yield was 7.48 percent by year end as cat bond issuance picked up.
-
The fund recorded a 2.61 percent return for 2019.
-
Only 18 of the 33 funds made a gain for the month.
-
The broker’s 1st View report highlighted diverging reinsurer tactics and segmented renewal outcomes.
-
The loss tally includes a $7bn loss estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
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Markel Catco’s listed Reinsurance Opportunities Fund posted November gains of 0.8 percent and 1.3 percent respectively for its ordinary and class C shares issued in 2018.
-
Losses could have eroded as much as 44 percent of the carrier's aggregate deductible.
-
Hurricane Dorian and Typhoon Faxai losses have hit (re)insurers following a relatively benign first half of the year for catastrophe activity.
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Pioneer Underwriters said the cost of the syndicate structure was no longer economically efficient when compared with its other capital arrangements.
-
The latest Sigma report said that continuing economic uncertainty will not halt premium expansion.
-
The carrier expects Typhoon Hagibis to cost it EUR200mn.
-
The carrier said it anticipated larger losses from Typhoon Hagibis in Q4 than those generated by the Q3 catastrophes.
-
This was a substantial improvement on the $0.8mn loss it filed in Q3 2018.
-
Cat losses and higher reinsurance ceded premiums were partially offset by improved underwriting margins and continued discipline over operating expenses, the carrier said.
-
Lodgepine departs from the pillared structure of Markel Catco, Markel co-CEO Richie Whitt said.
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The Floridian insurer also increased its Hurricane Michael loss to $32.5mn in the quarter.
-
The reinsurer reported a gross loss of EUR207.7mn ($230.2mn) for Dorian and EUR167.2mn for Faxai.
-
The New York-listed Blue Capital Reinsurance Holdings posted a net income of $1.7mn for the first seven months of 2019, as the run-off process continued.
-
Despite continuing Irma losses, retro availability could be a stronger influence on 2020 renewals, suggested one Florida insurer.
-
Gross written premiums (GWP) for the reinsurance and ILS division increased by 6.1 percent for the first nine months of the year to reach $823.6mn.
-
AIG's reinsurance subsidiary has just $155mn of losses to retain before triggering retro recoveries.
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The insurer avoided Irma loss creep but warned of pressure on claims from Hurricane Michael.
-
Amid the information overload of results season, “man-made catastrophes” appear to be the main emerging theme – albeit manifesting in two very different ways.
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All the carrier's new cat losses were retained net.
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Wildfire recoveries benefitted DaVinci investors and RenRe's retro partners in Q3.
-
Faxai and Dorian claims pushed year-to-date cat losses taken by the P&C reinsurance unit to $1.1bn.
-
This came as the deal priced at the bottom of the initial range at 515 basis points (bps), according to sources.
-
The carrier’s ILS revenues tripled year on year after its Nephila acquisition.
-
The firm made less fee income from reinsurance partnerships, but lifted insurance-related fees.
-
Sidecar sponsor RenaissanceRe also posted a 40 percent uplift in Q3 fee income.
-
The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
-
The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.
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Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight.
-
The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
-
Catastrophe losses of $241mn added 3.3 percentage points to the combined ratio of 101.5 percent in Q3.
-
The ratings agency has predicted a stronger 2019 performance as the group’s combined ratio improved to 99 percent.
-
The company will pay out another $13mn to shareholders but made a Q3 loss.
-
The insurer disclosed $46mn of losses for the quarter and $15mn in adverse reserve development from cat events in prior years.
-
The Bermudian reinsurer expects to pay out about $100mn in losses from Faxai and about $55mn for Dorian claims.
-
The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.
-
A PCS update on Irma had led to a full loss on two contracts, the fund said in an SEC filing.
-
The August return was significantly below the 14-year historical average of 0.63 percent, according to the Eurekahedge ILS Advisers Index.
-
The Amundi Pioneer fund’s value dropped to $819.9mn at the end of July.
-
The manager made limited reinvestments in sidecar vehicles within its Interval fund.
-
The number of assignment of benefits claims in Florida increased by 40.9 percent year on year in June before the implementation of the state’s new laws designed to stamp out abuses of the system.
-
The allocation to ILS was 5.4 percent of the fund’s $7.4bn assets at the end of 2018.
-
Investment returns lifted the overall result but Typhoon Jebi claims hit the reinsurance segment.
-
Modelled average annual loss is less than a quarter of the economic estimate, meaning more needs to be done to close the protection gap, the modeller said.
-
Private ILS fund returns fell below cat-bond-only strategies in July as loss creep continued to drag down side pockets.
-
Aon Securities CEO Paul Schultz has predicted that growth will return to the ILS market in the second half of the year after it dropped by $5bn year on year to 30 June.
-
The handful of reinsurers to disclose third-party fee income lifted this source of earnings by almost a third year on year in the second quarter.
-
Pricing has not increased to levels that compensate for the volatility in the sector in the past couple of years, the investor said in an earnings call.
-
The organisation’s latest data showed a further acceleration in rate rises as the line strengthened for the eighth consecutive quarter.
-
The fund’s on-risk investments have performed positively in every month this year, according to a London Stock Exchange filing.
-
The loss was the result of non-operating costs relating to its takeover by Apollo and its ongoing efficiency drive.
-
The fund has had to set aside more cash in side pockets after its mid-year 2018 portfolio rolled off risk.
-
Natural catastrophe losses were around $15bn, with man-made disasters coming in $4bn.
-
The insurer’s overall cat losses were below its budget as higher Australian disaster activity was offset by benign international claims.
-
The legacy fund uses ILS Property & Casualty Re II and Armour Re to write business.
-
The Oregon Public Employees fund held $119.3mn in two Nephila funds at year end 2018.
-
The sidecar’s 53 percent loss ratio was well below last year’s huge claims hit.
-
The insurer bought a $325mn cover for the Caribbean and Hawaii as well as retro for Validus Re.
-
The carrier also claimed the full limit of an A$150mn fiscal year stop-loss aggregate.
-
The reinsurer’s combined ratio was 101.1 percent for Q2, down 2.3 percentage points from the prior-year period.
-
The carrier took a EUR58mn hit in Q2 from Jebi, putting its retro covers on point to trigger.
-
The ILS platform lifted fee income by a third year on year, offsetting its investment loss.
-
Alleghany recorded $3.3mn investment income from its ILS holdings, up nearly three-quarters year on year.
-
The Florida insurer took $17mn of weather-related losses.
-
The insurer’s Q2 earnings of $0.81 per share slightly missed analyst expectations.
-
The reinsurer released EUR360mn of reserves during the quarter.
-
The group’s increased use of third party capital continues to lower net retained premiums.
-
The insurer reported $17.7mn of income from sidecar investors and MGAs.
-
Developments this year indicate third-party capital will be a disciplined participant requiring adequate risk-adjusted returns, Axis president and CEO Albert Benchimol said.
-
XL’s New Ocean will lead on packaging and structuring risk, while Axa IM is contributing on distribution to investors, the firm’s leadership said.
-
The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
-
The insurer racked up $141mn of covered losses in Q2, as it had to lift its wildfire retention.
-
Fee income rises by over two thirds to surpass $19mn for the quarter.
-
The New York-listed carrier had stopped writing business in the quarter before its planned shut-down was announced.
-
The insurer increased its reinsurance spend by 10 percent in the quarter after adding $400mn top-layer coverage.
-
Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.
-
The reinsurer said its nat-cat exposure is at the highest level since 2015, with support from third-party capital.
-
The provider beat analyst expectations with operating earnings up 30.5 percent.
-
-
The NAV per share has dropped by 2.6 percent since the turn of the year.
-
The French reinsurer put the industry loss from the typhoon at $12bn-$15bn as it stated it is covered up to a $22bn market hit.
-
The ILS unit has reached $1.6bn assets, as Hiscox’s reinsurance group was hit by 2018 loss creep.
-
The new vehicle is expected to offer a range of property retrocession products on a collateralised or rated paper basis, or combination of the two.
-
The increase suggests the Lancashire-owned firm has grown to $750mn of assets under management.
-
The reinsurer’s combined ratio deteriorated slightly due to Q2 weather events, as it benefited from retro recoveries.
-
Lancashire earned a $0.1mn profit from its 10 percent stake in the Kinesis funds.
-
The withdrawal of Catco created retro opportunities for the reinsurer, according to the CEO.
-
The insurer’s second-quarter pre-tax catastrophe losses increased to $275mn, compared with $211mn last year.
-
The insurer said Q2 cat loss levels were favourable even though it has eroded more than half its aggregate deductible.
-
The reinsurer’s Q2 catastrophe property GWP rose by 37.7 percent year on year.
-
Reserve releases fell to $3.4mn in H1 from $48.1mn a year earlier.
-
The momentum for rate increases has built up in a delayed reaction to losses.
-
The reinsurer expects to post EUR1bn of profit for the quarter, beating the analyst consensus of EUR654mn.
-
The company’s liquidators have opted not to make a distribution to shareholders this quarter, having paid out $56mn in April.
-
The carrier is expecting $21.5mn of net losses, more than double the level incurred in Q2 2018.
-
The average ILS fund was down by 1.13% in May as measured by the Eurekahedge ILS Advisers Index.
-
The Lane Financial index has returned to levels not seen since 2012.
-
A paper by academics at Hamburg University compared the results of the Swiss Re global cat bond indices against indices from various other sectors.
-
The reinsurer has expanded its retro sidecar by more than a quarter from the previously estimated size of $531mn.
-
The Eurekahedge ILS Advisers Index dropped by 0.7 percent during the month.
-
The PK SBB scheme took a 4.5 percent gain from its ILS portfolio last year, as it and a number of peers reported slightly increased allocations to the sector.
-
The fund’s net assets shrank by $4.4mn over the period.
-
New disclosure on the ILS manager shows AIG made a Q1 profit on its allocation to AlphaCat funds after a Q4 loss.
-
Documents show only one of its ILS investments, in the Medici cat bond fund, delivered a positive return for the year to 30 June 2018.
-
Insurers are looking to line up private deals as a stalemate emerges over early firm-order terms averaging risk-adjusted increases of 15-20 percent year on year.
-
The fair value of AP3's ILS portfolio rose by 10.7 percent to $560mn at year end in 2018.
-
Carriers that wrote more premium include Swiss Re, Munich Re, RenaissanceRe and Everest Re, while Hiscox Re and Axis posted reductions in top line income.
-
AlphaCat’s $4.16bn net AuM was detailed in a recent Securities and Exchange Commission filing.
-
The reinsurer’s non-life combined ratio deteriorated to 97.7 percent despite an improvement in P&C results.
-
The insurer’s net combined ratio worsened to 110.6 percent for Q1.
-
The stake in Catco’s listed fund held by the Boston-based asset management firm crossed the five percent threshold last week.
-
Cohen & Company’s head of US insurance strategies sees ILS opportunities from the new venture and wider business.
-
Cat risk is becoming a significant part of Third Point Re’s strategy, new CEO Daniel Malloy said.
-
Increased retro costs mean RenaissanceRe will likely be retaining more risk.
-
FedNat took $18.7mn of net losses from a hail storm in Florida in March.
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