Property
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The carrier booked a reserve charge of $392mn for casualty insurance. -
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The figure represents a 26% increase on the previous estimate.
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Most of the losses occurred in France, followed by the UK and Belgium.
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The final estimate is a 12% increase on an August tally of NZ$1.99bn.
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The fund manager operations booked management fees of $31mn.
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The Medici cat bond fund experienced the largest growth in AuM.
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Investment firm Phoenix launched a private credit and lending platform for the mid-market.
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CEO Trevor Carvey said 1 January 2024 renewals were more “orderly” than in 2023.
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Phoenix Re renewal ‘shows commitment to doing Asia ILS, for Asia in Asia’, according to MS Amlin Asia Pacific CEO Will Ho.
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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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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
