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The firm’s assets under management dropped to $1.6bn, as a capital return more than offset new inflows. -
Exposure updates played a greater role than expected.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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Insured loss estimates are not yet available.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The US tallies $97bn in economic losses from major perils each year.
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Munich Re said it saw no reason to lower its expectations.
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The vast majority of 2023 recoveries were from events in prior years.
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The vulnerability updates are the biggest driver of loss changes.
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The notes were further marked down after a year-end Ian loss update.
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The outlook for M&A activity is brighter after 2023 returns.
