Results
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio. -
Overall the group’s net result is likely to exceed consensus at EUR1.3bn.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.
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The firm noted that investor pushback at the January renewal had resulted in "the cleanest risk" being transferred to the capital markets.
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The company said the result was "encouraging given the challenges of ILS capital raising".
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The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.
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February is the second month in a row where all the funds in the Eurekahedge ILS Advisers Index made a profit.
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The syndicate had the second-lowest combined ratio for 2022.
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The £50mn syndicate made most of its profits in aviation.
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The syndicate’s combined ratio was down for the fifth year in a row.
