Results
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets. -
The company said the result was "encouraging given the challenges of ILS capital raising".
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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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February is the second month in a row where all the funds in the Eurekahedge ILS Advisers Index made a profit.
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The syndicate had the second-lowest combined ratio for 2022.
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The £50mn syndicate made most of its profits in aviation.
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The syndicate’s combined ratio was down for the fifth year in a row.
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The AP2 fund noted currency-hedging effects, turbulent financial markets and Hurricane Ian as factors in its alternatives segment loss for the 2022 year.
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.
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The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.
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The large-loss impact to the P&C Re combined ratio rose 0.4 percentage points to 7.9% for the full year compared with 2021.
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The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.
