Results
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CFO Christoph Jurecka declined to give a loss estimate for the Baltimore Bridge loss.
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The carrier reported a P&C re net result up 44% to EUR1.8bn.
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Over Q1, the loss ratio improved by 34.6 points year on year to 43.7%.
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The flat growth is a result of multiple forces influencing capital flows in both directions.
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Parent company Markel said the ILS manager’s performance was subject to a reporting lag.
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The rise in ceded reinsurance premiums written impacted net premiums written.
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Operating revenue at the ILS manager climbed 49% to $19.2mn.
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The firm’s AuM was down 17% on $1.8bn as of 31 December.
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The firm said it expects Capital Partners to continue to grow.
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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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The firm expects pricing and terms and conditions to hold.
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The firm’s ILS unit expanded fee income by 10% over Q1 2023.
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The carrier has completed its 2024-25 reinsurance renewal.
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The fund has nine open contracts it is actively trying to run-off, four years after its failure.
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176.
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Fee income was up by 30% year-over-year to $136mn in 2023.
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Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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The reinsurer’s large losses were down 5% to EUR1.6bn for the year.
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Estimates were revised from $845mn to $740mn.
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ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
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The firm reallocated from short-tail lines amid social inflation concerns.
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The company proposed a dividend of EUR1.8 per share for 2023.