Results
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The carrier last year said its K sidecar would pick up Covid claims over time. -
The reinsurer’s net exposure was up 36% as it retained more risk in retro and North American cat.
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The carrier increased premium volume by 20% at 1 April as Japanese cedants lifted limits.
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The primary unit swings back to profit, while P&C re earnings expand seven-fold.
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Lancashire Capital Management says little to no impact from Uri
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The carrier yesterday shook of $64mn in Uri claims to report a return to profit.
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The insurer returned to underwriting profit after last year’s Covid hit, but the reinsurance segment faced higher non-Covid cat losses.
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The insurer reported no new above-budget weather losses in the quarter.
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Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.
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The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.
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Covid-19 losses remained stable as the insurer said rate rises should endure.
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The carrier racks up losses from Uri and Filomena as well as deterioration on Laura and Sally.
