Results

The AP2 fund noted currency-hedging effects, turbulent financial markets and Hurricane Ian as factors in its alternatives segment loss for the 2022 year.

The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%.

The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.

The large-loss impact to the P&C Re combined ratio rose 0.4 percentage points to 7.9% for the full year compared with 2021.

The P&C Re segment recorded large losses above expectations for the sixth consecutive year in 2022.

The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.

Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.

The insurer reported an underwriting profit for Q4.

The carrier’s P&C combined ratio benefited from low nat-cat losses in the quarter.

Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.

The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.

The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.