Bernina Re commuted $2.5bn pre-2020 reserves as it turned 2022 profit
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Bernina Re commuted $2.5bn pre-2020 reserves as it turned 2022 profit

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Credit Suisse ILS's Bermuda reinsurance vehicle Bernina Re commuted a $2.5bn limit portfolio related to 2019 and prior underwriting years last year, but still managed to turn an underwriting profit despite commutation costs and Hurricane Ian losses.

The company said the commuted portfolio represented around $2.5bn of limit and $150mn of written premium last year. It did not specify how this major commutation had been agreed, whether through a legacy deal or otherwise.

It

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