Results
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The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July. -
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The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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All 27 funds in the index posted profits in June, with cat bonds marginally outperforming private ILS.
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The firm had earlier noted that the cat bond coverage would kick in if the PCS industry loss number reached $48bn.
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The carrier reported a 66% increase in GWP for its property business.
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The CEO said Chubb has ‘never seen better pricing’ on primary property.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
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The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.
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The carrier’s claims ratio has deteriorated despite an increase in motor premiums.
