Alleghany
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The deal values the TransRe owner at 1.26 times book value as of 31 December 2021, and represents a 29% premium on its stock price. -
TransRe cut its property book by more than 25% but replaced it with casualty growth.
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Alleghany’s combined ratio improved 15 points to 98.9% over the period, driven by a 13.5% fall in the carrier’s loss ratio.
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Covid-19-related catastrophe losses at TransRe contributed to a Q1 underwriting loss.
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The Bermudian ILS platform returned to profit after a loss-making 2018.
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This was a substantial improvement on the $0.8mn loss it filed in Q3 2018.
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Alleghany recorded $3.3mn investment income from its ILS holdings, up nearly three-quarters year on year.
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Bermudian ILS manager Pillar produced $1.2mn of Q1 income for the conglomerate.
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Its year-to-date result from the Bermudian ILS platform has produced a $1.2mn profit.
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The ratings agency says insurers may need to pursue loss-reduction strategies, with 2018 possibly on track to produce more claims than 2017.
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The company earned $1.9mn in Q2 from its stake in funds managed by the Bermudian.
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The Bermudian ILS manager produced no income for the reinsurer in the first quarter.
