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ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year. -
Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.
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In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.
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The Sompo International company was placed into run-off in June 2019.
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The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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The office will be led by chief actuary Faisal Haddad.
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The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.
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The ratings agency affirmed its rating on Resolute Global Partners’ Bermuda platform, noting its exposure to aviation war risks.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The portfolio covers distressed Florida, Louisiana and US nationwide deals.
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Peter Kiernan replaces Simon Penney, who is moving to an analytics role.
