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The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively. -
The firm generated total fees of $40mn including quota share commissions.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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The insurance trade body has called on governments to increase actions to mitigate risks.
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The carrier recorded $224mn of natural catastrophe losses.
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The firm’s 2020 edition cat bond has also lost $3.2mn.
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In its earnings call, the firm said lower policies in force and higher premiums would increase the firm’s top line
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
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The company deepened its overall net loss to $48.1mn, as it said non-cat losses and Hurricane Irma creep contributed to reserve deterioration.
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The carrier’s P&C unit delivered a $2.1bn net profit that compared to a loss of $271mn the prior year.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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The firm said its results reflect its aim to return to profitability in 2022.
