Results
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The ILS unit earned $5mn of fee income, down by $1mn year on year. -
A difficult fundraising environment had not eased during 2022.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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The reinsurer revealed it raised money in Mt Logan at the 1 January renewal.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew.
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The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
