Results
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In its Q2 earnings call, CEO Kevin O’Donnell said that the company held its PMLs flat while taking the benefit of increased rate. -
The firm’s Medici and Fontana vehicles were hit by foreign exchange losses.
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The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.
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The insurer said it believed climate change was making property risk less commoditised and more complex.
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The rate-on-line index rise is the steepest uplift in 16 years.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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Its half-year gain was down slightly from 1.43% in the prior year period.
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Private ILS strategies boosted overall sector performance as cat bonds continued to lag.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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Partial owner White Mountains said conditions for ILS investing are “attractive”.
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The allocation increased in dollar terms by just under 2% during the past year.
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he broker’s analysis found rate increases and lower cat experience contributed to strong underwriting results.
