Results
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year. -
Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The carrier said GWP was up 12.7% to EUR33.3bn.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
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The (re)insurer has been reorienting itself away from writing property cat.
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The carrier also secured risk-adjusted rate increases of 19% across its portfolio at 1 January.
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The company's portion of net written premiums from Fidelis is expected to be around $550mn to $600mn for the full year.
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This takes its ex-Florida cat losses since the start of its reinsurance annual risk period in April above $2bn.
