Results

The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.

Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.

The insurer reported an underwriting profit for Q4.

The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.

Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.

The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.

The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.

The reinsurer’s retro programme was renewed at a smaller size for 2023.

Markel gross written premiums ceded to Nephila grew by 45% year over year to $1bn, including program business.

The company’s Syndicate 2988 exited direct property business.

This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.

This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.