Results
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”. -
Andrade flagged expected 5% to 10% increases in the US and Europe.
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The company’s reinsurance premiums ceded fell by 58% to $149mn.
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Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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Liberty Mutual expects $550mn in Helene losses versus Milton’s $250mn-$350mn.
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The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.
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The Floridian anticipates Hurricanes Debby and Helene to incur losses of $3.8mn in Q3 2024.
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The company incurred $563mn of total cat losses related to the storm.
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The performance marked the best August for ILS since the index incepted in 2006.
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The headline figure of $7.15bn includes $2.91bn of DaVinci equity plus debt.
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Return on capital employed hit 13% last year as the cost of capital fell to 8%.
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Positive cat experience impact of $600mn was offset by $500mn in property and specialty reserves.
