Results
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The (re)insurer used alternative capital in the reinsurance coverage. -
California homeowners are also expected to move admitted business to E&S.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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CEO Thierry Léger expects overall P&C pricing to be “stable” through 2025.
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The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
