Results
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew. -
The carrier has exceeded its H1 natural hazard allowance of A$580mn.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Pure cat bond funds outperformed the sub-group which includes private ILS for the year.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
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Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The carrier said GWP was up 12.7% to EUR33.3bn.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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Excluding agriculture, Chubb’s P&C CoR rose to 85.9% in Q4 from 85.4% the prior-year quarter.
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Speaking on the company's Q4 conference call, the executive said the market should not assume that WRB will become a heavy cat-exposed writer.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
