Results
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Renewal rates were favorable compared to what could have happened after several hurricanes. -
The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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Despite wildfires, reinsurers are “well positioned to maintain strong profitability in 2025”.
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MAP’s Christopher Smelt said impact on nationwide programmes will cause risk aversion.
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Premiums ceded to the ILS vehicle increased by 76% to $433mn.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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This came as the market’s underwriting profit dipped 10% for 2024.
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The reinsurer pegged the market loss at $40bn.
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The carrier pegged its LA wildfire losses at EUR140mn.
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The CEO expects to see a larger shift between condos and apartments in 2026 and 2027.
