Results

Heritage’s Q1 combined ratio fell 35 points to 94.5% from the prior-year quarter, driven primarily by lower weather losses.

Year to date returns have reached 3.08%.

The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.

The reinsurer lifted net reinsurance premiums by 38%, although, on a gross basis, growth was lower at 5%.

The carrier’s P&C re and CorSo units benefited from price increases at 1 April, as well as the receding impact of Ukraine.

The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.

The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.

The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.

Overall the group’s net result is likely to exceed consensus at EUR1.3bn.

The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.

The reinsurer exited property cat lines last year.

Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.