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The event occurred a fortnight after major North Island flooding in New Zealand. -
The reinsurer’s assets under management rose 14% to $3.3bn.
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Monthly cat losses were driven by two major events.
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The bond is trading at 70c-75c in the dollar in the secondary market.
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There were 10 fatalities, mostly due to drowning or tree fall accidents.
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The carriers were in arbitration with UnipolRe and Gen Re.
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Aside from the one-year view, 2023 remixes the track record.
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The newly launched Marco Re will be led by Mark Elliott as CEO.
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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 claw-back is anticipated after PCS revised down its Ian loss estimate.
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