Results
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The reinsurer’s retro programme was renewed at a smaller size for 2023. -
Markel gross written premiums ceded to Nephila grew by 45% year over year to $1bn, including program business.
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The company’s Syndicate 2988 exited direct property business.
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This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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The ILS unit earned $5mn of fee income, down by $1mn year on year.
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A difficult fundraising environment had not eased during 2022.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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The reinsurer revealed it raised money in Mt Logan at the 1 January renewal.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
