Results

The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.

The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.

The reinsurer recorded net income of $1.9mn, helped by a reduction in losses and loss adjustment expenses.

The carrier’s claims ratio has deteriorated despite an increase in motor premiums.

The cat bond fund posted returns of around 10.75% for the first six months of Stone Ridge’s financial year.

The increase is the strongest of 2023 so far.

R&Q launched Bermuda-based reinsurance sidecar Gibson Re with $300mn of capital in September 2021.

The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.

The performance follows on from a record-breaking return in March.

The reinsurer has cat capacity available at 1.6 and 1.7 where pricing meets its margin targets.

The company is also nearing completion of Interboro Insurance Company’s program renewal.

The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.