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The newly launched Marco Re will be led by Mark Elliott as CEO. -
The carrier booked a reserve charge of $392mn for casualty insurance.
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The manager’s conservative strategy posted returns of 7.61%.
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The fund manager operations booked management fees of $31mn.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Typical ILW attachment points for US peak perils have fallen from $60bn to $40bn-$50bn as the market awaits the final Hurricane Ian number from PCS.
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The Insurance Council of Australia has estimated A$743mn ($489.6mn) of insured losses from Tropical Cyclone Jasper and the Christmas and New Year storms.
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The broker’s latest climate report tallied global insured cat losses at $118bn.
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Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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2023 was the fourth consecutive year insured cat losses surpassed $100bn.
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The sixth edition of the sidecar reflected alignment of interest with long-term partners, the reinsurer said.
